North Hill Apartments
- Ideally situated in Quadra Village with a short commute to Downtown Victoria, Uptown, Hillside & Mayfair Shopping Centres
- Perfectly connected to major transport corridors serving the Capital Regional District
- Held in a bare trust - PTT savings
- Extensive capital improvements and upgrades completed
- Strong rental upside with opportunity to optimize rents to market
- Tenants pay their own heat & hydro, minimizing operating costs
- Hot water is currently provided by the landlord via electric tanks, with an opportunity to replace them with an on-demand natural gas system to reduce operating expenses
- Potential gross buildable area of 52,200 sf, offering compelling long-term land value
Property Description
The Avison Young Multi-Family Team is pleased to present the opportunity to acquire North Hill Apartments, a well-maintained 33-unit rental building with one office unit, situated in Victoria’s desirable Quadra Village neighbourhood (the “Property”). The Property occupies a prominent corner lot at Market Street and Wark Street, totalling 26,100 sf. Current ownership has invested approximately $530,000 in capital improvements since 2022, including full suite renovations on 19 units, common area upgrades featuring new flooring and fresh paint, landscaping enhancements, and deck/balcony repairs. North Hill Apartments represents a compelling opportunity to acquire a cash-flowing multi-family asset in one of Canada’s strongest rental markets with a value-add opportunity on 14 non-renovated units.
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: | 34 |
| Average Occupancy: | 4.84 |
| Lot Size: | 26,100.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $294,118 |
| Property Website | Click Here |
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