1504 56 Street

$6,950,000 |   MLS® Number  C8070823

Multi-family for sale in Beach Grove, Delta, Tsawwassen, 1504 56 Street, 224975892 | Realtylink.org

Multi-family for sale

Year Built
1985
Floor Area
18,843 sqft
Lot Size
22,153 sqft
Gross Property Tax
$23,624.93 /year
Building Type
Low Rise (2-4 storeys), Mul Tenant/MultiPlex (5+)
Building / Complex Name
Greenview
# of Elevators
1
Zoning
RA112
# of Parking Spaces
37
Subject Property Width
170 ft
Subject Property Depth
160 ft
Amenities
Balconies, Freezer(s), Laundry Facility, Secured Parking, Fenced Yard
Suite Mix Information
x Bachelor/Studio, 7 x 1 ½, 16 x 2 ½
80

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.