Mariner Estates
15989 Marine Drive, White Rock
Sold for $2,500,000
$2,500,000
Sale Price
9
Apartment Units
1983
Year Built
4.02%
Cap Rate
DESCRIPTION
Sold Mariner Estates at 15989 Marine Dr, White Rock.
Seth Baker represented the owners in the sale of this strata wind up. Property has a one-of-a-kind waterfront location at the corner of Marine Drive and 160 St. Every one of the 9 strata units has stunning vistas over Campbell River and open ocean beyond. This building is the definition of “forever views” with untouchable seaside boardwalk views.
Building is close to 9,300 sq ft of livable space in 9 strata-titled units. The building contains eight large 2-bedroom suites and one 1-bedroom suite with massive ground floor patio.
Every unit features a separate entrance, condo-quality finishings, a variety of interior styles and loads of private outdoor space. Multiple balconies, loft-style ceilings, skylights and massive patios make this a dream building for tenants or condo-buyers alike.
Investors and developers with knowledge of construction contracting and building remediation will benefit from this irreplaceable location with renovation upside.
SPECIFICATIONS
Property Type · Strata Apartment Building
Price Per Unit · $277,778
Lot Size · 8,730 Sq Ft
Zoning · RM-2
Storeys · 3
Parking · 9 Underground Parking Spaces
HIGHLIGHTS
Value-Add Building in Need of Extensive Retrofit
Exceptional Waterfront Location
Unique Layouts and Floor Plans
LOCATION
15989 Marine Drive
White Rock, BC V4B 1G1
Legal Description
Strata Lot 1 - 9 Plan NWS2057 Section 11 Township 1 Land District 36 TOGETHER WITH AN INTEREST IN THE COMMON PROPERTY IN PROPORTION TO THE UNIT ENTITLEMENT OF THE STRATA LOT AS SHOWN ON FORM 1
ABOUT THE DEAL
HOW WE DID IT
Mariner Estates was a complex and challenging strata wind-up project. The building needed urgent renovations to stay viable. We engaged in a focused campaign to contractors, developers and value-add investors. The right buyer had to be experienced in construction and building renovations. We received several offers from qualified investors, developers and owners of construction companies.
WHAT WE LEARNED
Applying specialized knowledge and expertise can make all the difference. An understanding of multifamily building systems is necessary in order to negotiate a favourable deal on behalf of clients. As multifamily specialists, we are knowledgeable about building systems, construction, and real estate development. We work closely with engineers, inspectors and contractors to get the deal done.