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For sale: New West apartment building listed for $36.8M

The New West property was originally assessed at more than $27.7 million.

There's some big-ticket real estate for sale in New Westminster — to the tune of $36.8 million.

That price tag will buy you Premiere, a 72-unit rental apartment development on four levels overtop of commercial uses on East Columbia Street. The sale includes the residential rental units on four levels (the third through sixth floors), but it doesn't include the ground-level retail or second-floor office space.

It also includes common areas and "full operational control" over the building, its Goodman Report listing notes.

The building includes 72 market rental suites:

  • 44 one-bedroom units, with an average size of 638 square feet and an average rent of $2,135;
  • 24 two-bedroom units, with an average size of 832 square feet and an average rent of $2,536; and
  • four three-bedroom units, with an average size of 972 square feet and an average rent of $3,442.

The building's listing says all the units are "beautifully appointed with high-quality modern finishes, in-suite laundry and generous balconies."

There are also 73 secured underground parking stalls for residents, all pre-wired for electric vehicle charging, and 81 residential storage lockers — plus a fitness facility and a rooftop amenity space featuring barbecues, seating and a children's play area.

The building provides more than $2.1 million in gross income, according to its listing.

In 2023, the property was assessed at more than $27.7 million: $5.37 million for the land and $22.39 million for the building.

Check out its listing at Goodman Report for all the details.

Follow Julie MacLellan on Twitter @juliemaclellan.
Email Julie, 
jmaclellan@newwestrecord.ca