Apartment Property Sold

Daytona Apartments

Summary

STATUS FIRM DEAL
YEAR BUILT 1959
SITE SIZE Approx. 8,234 Sq. Ft
SUITE MIX 11 X one-bedroom Suites
STABILIZED NOI $147,909*
CAP RATE 4.6%
TENURE Title will be delivered free and clear of all financial encumbrances

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The Opportunity

The CBRE National Apartment Group has been retained by the Owner on an exclusive basis to offer the 100% interest in the “Daytona Apartments”, a well-maintained 11-suite rental apartment building located in the highly desirable James Bay neighbourhood of Greater Victoria. The offer represents the opportunity for investors to acquire an apartment building which has benefitted from numerous capital improvements in one of the best locations in Victoria. Furthermore, there is a unique opportunity to acquire the building and immediately move the rents to market, generating an attractive initial yield for investors. Call Greg or Lance to learn more.

*Owner occupying 3 units and renting 3 furnished on a minimum 30 day rentals. Owner will provide these 6 units vacant or shortly after closing and stabalized NOI is based on releasing these units at market rents of $1,450/m

Prime Victoria Location

The Daytona Apartments is located in the City of Victoria, the capital of British Columbia, on the southern tip of Vancouver Island overlooking the Strait of Juan de Fuca. Situated in James Bay, Victoria’s oldest neighbourhood, this highly coveted location is known for its lively waterfront and charming Victorian houses. The Daytona Apartments is centrally located just minutes from Victoria’s vibrant downtown core, the Parliament Buildings and Victoria’s Inner Harbor. Furthermore, the building is just steps from Beacon Hill Park and the Dallas Rd Waterfront Trail, and is a short walk from the James Bay commercial hub centered at the intersection of Menzies and Simcoe Streets, offering tenants easy access to recreation, amenities and transit. The buildings’ highly desirable location, proximity to Downtown Victoria, the legislature Buildings and convenient access to recreation and amenities ensures it will continue to attract and retain quality tenants for years to come.

Walkers Paradise

Walk Score

71

Vacancy Rate

Walk Score

0.5%*

Est. Population

Walk Score

55,261**

Rented Dwellings

Walk Score

56.6%**

*CMHC Victoria Rental Market Report | **Within 3 km of the Subject Property

Property Photos