Apartment Property Sold

West End Apartments

List Price Firm Deal
CAP RATE 4.5%
NOI $96,046
YEAR BUILT 1951
BUILDING SIZE 11 Suites
OCCUPANCY 100%
ZONING C-3

The Offering

The CBRE National Apartment Group has been retained by the Owner on an exclusive basis to offer the 100% interest in the “West End Apartments”. This 11-suite rental apartment building is centrally located on the south side of Esquimalt
Road in Greater Victoria. The offering presents the opportunity for investors to acquire a 100% leased rental property that offers the ability to increase cash-flow and yield by renovating and updating suites as they turn over and leasing them at higher market rents.

Building Features

  • Contemporary three-storey rental apartment building constructed circa 1951 comprising wood-frame construction presumed to be set on a concrete slab foundation with reinforced concrete perimeter footings;
  • 11 Residential suites comprising 4 studio suites, 6 one-bedroom suites and a two-bedroom suite. Two of the studio suites have direct exterior access;
  • All suites are self-contained and include a four-piece bathroom, with a sink and vanity, a toilet and a bathtub with shower and tile surround
  • Additional revenue is generated by the 4 garages and additional storage units located at the rear of the property
  • The ground floor contains the boiler room, the electrical room, the laundry room (1-washer & 1-dryer)
  • The boiler is a new high-efficiency unit.

Parking & Site

  • The building is situated towards the front of the 7,860 sq. ft. site, with parking and garages located behind towards the southern property line.
  • There is parking for approximately 4 vehicles behind the building.

Location

The West End Apartments is centrally located on Esquimalt Road in the Township of Esquimalt, in the heart of Greater Victoria, just minutes from the Victoria Downtown Core, the Parliament Buildings and Victoria’s Inner Harbour. The City of Victoria is the capital of British Columbia and is located on the southern tip of Vancouver Island, overlooking the Strait of Juan de Fuca. Tenants of The West End Apartments enjoy convenient access to a significant cross section of local amenities including grocery shopping, shops and services, a selection of restaurants, financial institutions, specialty retailers and numerous city parks.

The property benefits from being on the public transportation line with a transit stop conveniently located just a few steps away offering tenants in the building hassle-free transportation options for work and shopping. The subject property is also located next to the Esquimalt Plaza, a grocery anchored Shopping Centre. The building’s location within a quiet and friendly neighborhood and its close proximity to downtown Victoria and amenities will allow it to continue to attract and retain quality tenants.

Contact

Lance Coulson
Personal Real Estate Corporation
Executive Vice President
T +1 604 662 5141
lance.coulson@cbre.com

Greg Ambrose
Senior Sales Associate
T +1 604 662 5178
greg.ambrose@cbre.com

Address:
1177 Esquimalt Rd