Apartment Property Sold

Denman Manor Apartments

Summary

CIVIC ADDRESS 1255 Denman St, Victoria, BC
PID 009-289-216
SUITE MIX One-Bed      10
Two-Bed      2
Total =       12
SITE SIZE 9,900 SF*

*approx & subject to verification
PARKING Surface Parking
CURRENT ZONING R3-2
PRICE PER DOOR $208,333
STATUS SOLD

The Opportunity

The CBRE National Apartment Group - BC has been retained by the Owner on an exclusive basis to offer the 100% interest in the Denman Manor Apartments, a well-maintained, 12-suite rental apartment building centrally located in the highly desirable Fernwood Neighbourhood in Victoria, BC.
The Denman Manor Apartments is a low maintenance multifamily investment property well located in one of the strongest rental markets in Canada providing investors with the opportunity to improve rents and increase investment return.

Investment Highlights

  • Central Location: Located in Fernwood, tenants enjoy easy access to Downtown, the University of Victoria, public transit and being within walking distance to the unique shops and cozy eateries that Fernwood is known for.
  • Low Maintenance: The design of the Denman Manor makes it inherently low maintenance with no common lobby or hallways to maintain. The building has been owned by the same owner since 1974 and the long-term caretaker would consider continuing the management of the property for a new owner.
  • Proven Asset Class: The performance of multifamily assets during both the Global Financial Crisis and the more recent pandemic has demonstrated the resiliency of the asset class. Low vacancy rates, lack of rental housing and high cost of ownership support long-term income growth for multifamily assets such as the Denman Manor Apartments.
  • Rental Upside: With the majority of the suites generating below market rents, prospective investors will benefit from the opportunity to significantly improve rental revenue and yield by increasing rents to market rates at turnover.
  • Clear Title: The property will be delivered free of any financial encumbrances allowing prospective investors to take advantage of the incredibly attractive current interest rate environment (CMHC rates < 2%).

Property Photos