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Price dips below $6 million on this New Westminster mansion

11-unit heritage house in Queen’s Park neighbourhood is now listed at $5,880,000

A heritage home that’s for sale in the Queen’s Park neighbourhood has dropped in price by $418,000 – dipping below the $6-million mark.

A 6,373-square-foot home on a 17,667-square-foot lot at 411 Third Ave. is currently listed at $5,880,000. That’s a drop from the previously listed price of $6,298,000.

According to Macdonald Commercial, the mansion has five bachelor and six one-bedroom units. It’s listed as a multifamily/infill development.

“Located in New Westminster's esteemed Queen’s Park area, this 11-unit property presents a stellar investment opportunity with significant redevelopment potential,” said the listing. “Offering a mix of studios and one-bedroom apartments, along with a separate five-stall garage, the building is well-suited for long-term holdings. With the possibility to construct an accessory dwelling, this property offers potential for future income increases.”

The listing states the property is “an ideal acquisition” for investors seeking stable returns and growth in a prime location or developers looking for a stable income asset with infill development potential

A brochure about the property states the city’s laneway and carriage house development permit guidelines and the heritage alteration permit process provide the potential to develop additional units on the property.

According to BC Assessment, the two-storey 1912 home was assessed at $3.347,000 as of July 1, 2023.