Opportunity to acquire a 39 unit character apartment building near downtown Victoria in the prestigious District of Oak Bay. The impressive suite mix of primarily spacious two bedroom units feature beautiful hardwood floors, coved ceilings, and large windows that allow ample natural light from the innovative architectural design of the building. Located close to amenities, transportation, the Royal Jubilee Hospital, and the University of Victoria, this property is attractive to a variety of tenants. Due to a long probate and estate issues, rents are substantially under market value providing immediate upside upon tenant turnover.
- Ideal suite mix including two and, with spacious layouts and ample natural light from unique architectural design.
- Value-add opportunity offering enough scale to justify third party property management.
- Attractive classic character units with hard wood floors, coved ceilings, big windows, dishwashers, and wide hallways.
- Central and convenient location with proximity to amenities and transportation.
- Opportunity to utilize excess space in the basement as additional storage and increase revenue.
- One of the lowest vacancy rates in Canada provides for secure and stable cash flow.
- Immediate access to frequent public transit along Cadboro Bay Road with proximity to UVIC (6 minute drive) and the Royal Jubilee Hospital (4 minute drive).
- Hot water heat provided by a new Viessman boiler with a 30 year factory warranty.
- Oak Bay is a seaside municipality within Greater Victoria on Vancouver Island, BC.
- The Greater Victoria region is home to 350,000 residents composed of 13 municipalities.
- Oak Bay is home to several popular beaches, most notably Willows Beach, located a 15 minute walk from the Property.
- Oak Bay is characterized as an affluent neighbourhood with a large number of old style and heritage homes; the average price of a single family home is $1,156,900 (2017).
- The region features a selection of local restaurants, delis, bistros, and amenities as well as larger national retailers. These are concentrated along Oak Bay Avenue and Fort Street/Cadboro Bay Road.
- The Property is located a 6 minute drive from the The University of Victoria which boasts 21,000 enrolments.
- Victoria is the perfect setting for hiking, golfing, cycling, gardening, and kayaking.
- The mainland is accessible via two ferries, one to Tsawwassen, Vancouver and the other to Port Angeles, Washington, USA.
2181 Haultain Street, Victoria, BC