Apartment Property Sold
CBRE Limited has been retained by the Owner on an exclusive basis to offer the 100% interest in the “Sharron Apartments”. The subject property is centrally located in North Cowichan / Duncan, an emerging economy just 45 minutes North of Victoria on Vancouver Island. The 34-suite building has been extremely well maintained and is 100% leased with a wait list, predominantly to a mature tenant base. The Sharron Apartments provides prospective investors the opportunity to acquire a secure, stable and healthy return from one of the premier buildings in Duncan, a rental market that is benefiting from downward pressure on vacancy rates (currently 3.3% and falling) with corresponding upward pressure on rental rates.
- Opportunity to acquire the “Sharron Apartments”, a positive cash flow producing multi-family rental apartment building located in an emerging community one which enjoys very little rental vacancy.
- Contemporary 4-storey rental apartment building comprised of 34 suites, predominantly large 2-bedroom units ideal for maximizing cash flow.
- Prominently situated in arguably the best location for a rental building in this market, a quiet location that is within walking distance to an excellent cross section of tenant friendly amenities including; the new Vancouver Island University, the Cowichan Performing Arts and Aquatic Centre, grocery anchored shopping and a variety of restaurants, shops and services.
- The building has been extremely well maintained by the current owners and a true pride of ownership is evident through the lobby, common areas and tenant suites.
- The offering provides prospective purchasers the opportunity to acquire a very well located building, in a good state of repair at a very competitive initial cap rate of 5.31% of the List Price with the ability to increase the income stream and yield by renovating suites as they turn over and releasing them at current market rents.
- Constructed in 1974 comprising wood frame construction set on a concrete slab foundation with reinforced concrete perimeter footings.
- The Sharron Apartments is comprised of 34 suites and benefits from a unique and desirable suite mix, which include; 7 – One Bedroom units and 27-two bedroom units ideal for maximizing cash flow.
- Residential suites include a deck or patio, are larger than average and are all further improved with efficiently designed layouts complete with ample closet space, extra in-suite storage space and a variety of strategically positioned windows that provide an abundance of natural light to each unit.
- The building includes a full service elevator and has benefited from a variety of improvements in recent years including: an updated modern front entrance lobby, the addition of a new state-of the-art-high efficiency boiler system and complete renovation to approximately 11 of the 34 suites in the building just to name a few.
- All suites are individually metered for Hydro, paid by the Tenant, and the Landlord pays for heat and hot water.
- The mechanical room, elevator room and laundry room (2-washers and 2-dryers) are all strategically located throughout the main floor of the building and are accessed via entrance door from the entrance lobby.
In Duncan, the “Sharron Apartments” is ideally situated on Alderlea Street at James Street just a short walk to the Cowichan Aquatic Centre, Island Savings Recreation Center and new Vancouver Island University. The location provides convenient access to a host of tenant-friendly amenities including grocery anchored shopping, an excellent cross section of shops & services, medical & professional offices and a variety of local independently owned stores, restaurants, bakeries, specialty shops and public transportation.
The City of Duncan is one of the major communities that forms part of the Cowichan Valley which is one of the fastest growing regions in British Columbia and has a combined trade area population of close to 80,000. Duncan is located mid-point between Nanaimo (51 km to the north) and Victoria (55 km to the south) the city of Duncan is ideally situated as an emerging community serving both of the major cities on Vancouver Island. As the commercial and service HUB for the Cowichan Valley, Duncan is home to the areas Hospital, main Police Detachment and the new Vancouver Island University Campus.