Apartment Property Sold

Oak Heights Apartments

Summary

CIVIC ADDRESS 1585 Oak Bay Avenue, Victoria, BC
PARCEL IDENTIFIER 003-479-471
SITE SIZE 10,266 SF*
*approximate & subject to verification
SUITE MIX Bachelor x 4
1-Bed x 8
2-bed x 1
Total = 13
CURRENT ZONING R3-A2
LAND USE DESIGNATION Large Urban Village
POTENTIAL DENSITY 2.50 FSR up to 6 storeys
STATUS SOLD

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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 Oak Heights Apartments, a well maintained, 13-suite rental apartment building centrally located in the highly desirable Stadacona Village area of Rockland in Victoria, BC.

Investment Highlights

  • Central Location: easy access to Downtown, the University of Victoria, and public transportation & numerous amenities within walking distance.
  • Development Potential: Designated as Large Urban Village under the Victoria OCP, allowing potential future redevelopment up to 6-storeys including row homes, apartments, freestanding commercial & mixed-use buildings
  • Well Maintained: The property has been well maintained by the current long term owner who has completed suite updates, addressed capital expenditure items, and installed maintenance free landscaping.
  • Rental Upside: Suites generating below market rents offer prospective investors the opportunity to significantly improve rental revenue and yield by increasing rents to market rates at turnover.

Location Highlights

The Oak Heights Apartments is centrally located in the highly desirable Rockland neighbourhood of Victoria, BC, at the corner of Oak Bay Avenue and Fort Street. In addition to excellent public transportation along Oak Bay Avenue, with a main bus line to Downtown Victoria directly across the street, tenants enjoy quick and easy access to a significant cross section of local shops, services, restaurants, and parks.