33371 2nd Avenue
Mission, BC V2V 1K4
# of Units26
Lot Size17,641 SQFT
Cushman & Wakefield National Capital Markets Group presents investors the opportunity to acquire Minerva Garden Apartments (the “Property”), a 26-suite multifamily investment asset situated on a corner lot approximately 17,641 sf of MA2 zoned land located in the Fraser Valley’s rapidly growing District of Mission, BC.
The Property is professionally managed by MetCap Living to an institutional investment standard. There have been several recent capital upgrades to the Property including 13 of the suites being completely renovated in 2023 and leased to current market rents, leaving a partially stabilized asset with substantial value-add opportunity to an investor and subsequent future revenue growth and an enhanced investment yield. There is essentially no deferred repair and maintenance to be undertaken in the near term, meaning that an investor can focus free cash flow on future unit renovations upon tenant turnover. Underpinned by a land-use designation which provides future redevelopment potential to a higher density with a 4.5 FSR.
- Central location adjacent to Downtown Mission surrounded by service-based retail, dining options, schools and professional and employment destinations
- Nearby to the Waterfront Comprehensive Planning Area, one of the Eastern Fraser Valley’s largest planning projects that will see significant densification and revitalization of Mission’s waterfront
- A short walk from the West Coast express Mission City Station making downtown Vancouver regularly accessible via transit in just over an hour
The Offering Process
The Property is being offered for sale with a formal asking price of $5,650,000. All interested parties are encouraged to execute and return a confidentiality agreement to gain access to additional due diligence and Property information including a data room.
Offers will be reviewed as they are received. All prospective purchasers are strongly encouraged to contact the listing agents at their earliest convenience for offer submission guidelines.