Sold for $4,620,000

$4,620,000

Sale Price

32

Apartment Units

1976

Year Built

5.37%

Cap Rate

DESCRIPTION

Sold partially-renovated apartment building at 250 Victoria Rd, Nanaimo, British Columbia.

At the time of sale, all windows and doors had been replaced.  Convenient in-suite laundry was installed in every unit. Lobby and hallways were updated. Modern security, camera and enter-phone system was installed. Increased security creates peace-of-mind for tenants and remote access for the landlord.

Electricity individually metered for each suite. Hot water provided by separate electric hot water tanks in each suite. Heat is electric baseboard. As a result, landlord utility expenses and maintenance costs are low.

The roof was a brand new torch-on membrane installed in 2014.  The central elevator has been updated to meet current elevator safety regulations.  Construction is poured concrete slab foundation, wood frame and a well-maintained stucco exterior.

All upper front-facing suites enjoy stunning panoramic water views over Departure Bay.

SPECIFICATIONS

Property Type · Apartment Building
Price Per Unit · $144,375
Lot Size · 19,680 Sq Ft
Suite Mix · 32 x 1-Bedroom
Parking · 30 Surface Parking Spaces

HIGHLIGHTS

• Partially-Renovated Building

• Roof New in 2014

• Low Operating Expenses

• Exceptional Views from Upper Units

LOCATION

250 Victoria Road
Nanaimo, BC V9R 4P8

Legal Description
Lot 1 Block U Plan VIP584 Section 1 Land District 32 SEC A & B, Lot 2 Block U Plan VIP584 Section 1 Land District 32 SEC B

PID
000-351-938, 000-352-721, 000-352-730

Assessed Value (2019)
$3,346,000

ABOUT THE DEAL

HOW WE DID IT

This building got a lot of attention. Property marketing included feature placement on our website. The web listing had thousands of views. An email campaign to our multifamily database got dozens of responses. Direct calls to other owners and investors on Vancouver Island ensured that everyone was in the know. We received multiple offers for the building and it sold to the highest bidder.

WHAT WE LEARNED

Conservative financial projections mean a deal can improve as you go. During the marketing period on this property, several units were under renovation. We were intentionally conservative with rent projections and high on expenses. As the units were completed and filled the deal got better and better. On closing, the building performed better than the projection. Being conservative early pays off.