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Goodman Commercial is listing an older apartment building on Vancouver's west side for $42 million.

Goodman Listing Older Apartment Building for $42M

Goodman Commercial is listing an older apartment building on Vancouver’s west side for $42 million.

The final price for the 69-unit Georgian House in the affluent Kerrisdale area could help set a benchmark for apartment buildings of similar vintage as investor attitudes are changing amid anticipated rate cuts.

A completed deal could also provide new market intelligence specific to Kerrisdale, an affluent neighbourhood that contains a number of older apartments, along with insights into the cost of infill development plays. The 12-storey building was constructed in 1960.

The units include 14 bachelor suites, 54 one-bedroom apartments and a two-bedroom penthouse suite. Amenities include a laundry room, a workshop and an outdoor swimming pool.

The 36,136-square-foot site is located at 5450 Vine Street and offers 248 feet of frontage and 12,375 sf of existing infill development land.

Goodman specializes in Vancouver-area apartment-building sales and development. Mark Goodman, the company’s principal, and Ian Brackett, a senior broker with the firm, are marketing the property.

The listing promotes the well-maintained site as an infill development opportunity.

Photo: Goodman Commercial


Inside The Story

Mark GoodmanGoodman Commercial

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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