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Greensview 1504 56th St 24 Unit Apartment Building $5,128,016 USD ($213,667 USD/Unit) 3.75% Cap Rate Delta, BC V4L 2A8
Executive Summary
Greensview Apartments is a well-maintained 24-suite, three-storey rental apartment building located in the heart of Tsawwassen, one of Delta's most established communities. Built in 1985 on a 22,200 SF lot, the building features a mix of one- and two-bedroom suites, tenant storage, and secured parking. Offered at a 3.75% cap rate and approximately $289,580 per door, the property provides strong in-place income with 2025 net income projected to rise 11.4% following 4.6% growth in 2024 ' a 16.5% increase over two years. With several suites currently below market, there is clear rental upside through tenant turnover. The property is designated Neighbourhood Centres & Corridors in Delta's 2024 OCP, allowing for consideration of future redevelopment up to 6 storeys
Property Facts
| Price | $5,128,016 USD | Apartment Style | Low-Rise |
| Price Per Unit | $213,667 USD | Building Class | C |
| Sale Type | Investment | Lot Size | 7.92 AC |
| Cap Rate | 3.75% | Building Size | 27,723 SF |
| Sale Condition | Redevelopment Project | Average Occupancy | 96% |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | ||
| Zoning | RA 112 | ||
| Price | $5,128,016 USD |
| Price Per Unit | $213,667 USD |
| Sale Type | Investment |
| Cap Rate | 3.75% |
| Sale Condition | Redevelopment Project |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 7.92 AC |
| Building Size | 27,723 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1988 |
| Zoning | RA 112 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | 324 - 400 |
| 1+1 | 8 | - | 550 |
| 2+1 | 8 | - | 900 |
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Walk Score®
Very Walkable (80)
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Greensview | 1504 56th St
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