Digby Tower
200 Sherbrooke Ave, Prince Rupert
Sold for $1,500,000
$1,500,000
Sale Price
60
Total Units
1966
Year Built
100%
Vacant
DESCRIPTION
Digby Tower, 200 Sherbrooke Ave, Prince Rupert sold for $1,500,000.
Digby Tower is a concrete high-rise built in 1966. It proudly sits overlooking all of Prince Rupert with stunning views from every suite.
This building has the potential to create Prince Rupert’s best high-end rental building for furnished and unfurnished suites.
The building features 60 suites (20 bachelor, 40 one-bedroom) with potential to add additional apartment units on the ground floor.
Building was sold fully vacant. A full retrofit and repair will be completed by the proud new owner.
SPECIFICATIONS
Property Type · Apartment Building
Price Per Unit · $25,000
Lot Size · 33,620 Sq Ft
Year Built · 1966
Suite Mix · 20 x Studio, 40 x 1-Bedroom
HIGHLIGHTS
High-Rise Apartment Building in Prince Rupert
Excellent Structure, Functional Elevators
Stunning Views in All Directions
Location
200 Sherbrooke Avenue
Prince Rupert BC
Legal Description
Lot A Block 1 Plan PRP4069 District Lot 251 Range 5 Land District 1, Lot 1 Block 1 Plan PRP923A District Lot 251 Section 9 Range 5 Land District 1, Lot 2 Block 1 Plan PRP923A District Lot 251 Section 9 Range 5 Land District 1, Lot 34 Block 1 Plan PRP923A District Lot 251 Section 9 Range 5 Land District 1
PID
011-690-372, 013-737-961, 013-737-970 & 013-738-186
ABOUT THE DEAL
How did we do it?
Digby Tower was marketed exclusively by Multifamily Real Estate Services. Due to the building having been vacant for nearly a decade, the entire property was in poor state of repair.
We engaged in both a widespread and targeted marketing campaign. The property was listed on MLS for a time, but the quality of inquiry was quite low. As an exclusive listing, we targeted qualified buyers and development groups. Special focus was given to investors with holdings in the region and with expertise to undertake the extensive work required.
What did we learn?
First, these deals can take a very long time. It was only our dogged persistence in the face of multiple collapsed deals that allowed this project to succeed.
Second, a tremendous amount of legwork must go into preparing marketing materials. Our ability to be extremely thorough and question all assumptions helped buyers come up with a detailed picture of the extent and complexity of the project. Expertise in multifamily rental development helped get the deal done.