1504 56 Street, Beach Grove, Tsawwassen (C8070823)

1504 56 Street

Beach Grove, Tsawwassen

$6,950,000

22,216 sqft

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.
Listed by London Pacific.

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.

Listed by London Pacific.

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