Gorge Terrace
- Strategically positioned adjacent to the Gorge Shopping Centre, with close proximity to Tillicum Centre, Uptown Shopping Centre, the Gorge Waterway, transit, parks, and greenspace
- Located in a high-growth neighbourhood with multiple nearby development approvals signalling strong long-term area momentum
- Held in a bare trust - PTT savings
- Comprehensive capital improvement program completed, including 44% of total suites being fully renovated
- Expansive 34,611 sf (0.79 acre) site offering significant land value and future development potential
- Densification opportunities under the current zoning and OCP
Property Description
The Avison Young Multi-Family Team is pleased to present the opportunity to acquire Gorge Terrace, a thoughtfully upgraded and exceptionally maintained 36-suite rental apartment building situated along the established Gorge Road corridor (the “Property”). The Property sits on a 34,611 sf site and offers a desirable suite mix of studio, one, and two bedroom suites. Current ownership has made significant capital investments of approximately $490,000 since 2021 which includes comprehensive exterior improvements and full interior renovations on sixteen (16) suites. The Property represents a rare opportunity to acquire an income-generating multi-family asset with significant upside potential in a resilient Vancouver Island market. Gorge Terrace offers the buyer an opportunity to renovate and re-rent twenty (20) suites at market rents.
Broker Details
Avison Young 604-647-1352
Broker Details
Avison Young +1 604 647 5089
Broker Details
Avison Young +1 604 260 1873
Broker Details
Avison Young 604-646-8389
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $10,000,000 |
| No. of Units: | 36 |
| Average Occupancy: | 4.19% |
| Lot Size: | 34.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $277,778 |
| Property Website | Click Here |
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