Apartment Property Sold

The Point Apartments

SUMMARY

STATUS FIRM DEAL
YEAR BUILT 1964
SITE SIZE 21,600 SF
SUITE MIX 7 X One Bedroom

10 X Two Bedroom

3 X Three Bedroom

Total = 20 Suites

NOI $170,973
PRICE PER SUITE $220,000
CAP RATE Current: 3.88%
Potential: 5.73%

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The Offering

The CBRE National Apartment Group has been retained by the Owner on an exclusive basis to offer the 100% interest in the “Columbia Apartments,” a fully leased, well-maintained 20-suite rental apartment building conveniently located in Greater Victoria in the Township of Esquimalt. The offering represents the opportunity for investors to acquire an apartment building with an excellent suite mix with significant upside potential to increase cash-flow and yield by moving rents to market on turnover. Furthermore, Esquimalt’s OCP is currently under review and the large 21,600 Sq. Ft. property may offer future redevelopment potential.

Location

Located in the Township of Esquimalt, The Columbia Apartments is centrally located just minutes from Victoria’s vibrant downtown core, the Parliament Buildings and Victoria’s Inner Harbor. 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.

The property’s location also provides convenient access to Langford, one of Victoria’s fastest growing communities and benefits from being directly on public transportation providing tenants with transportation options for work and shopping. Furthermore, the property is situated directly across the street from Victoria’s infamous Galloping Goose Trail, a bicycle and pedestrian-friendly trail network connecting Langford and a number of other neighborhoods to downtown Victoria.

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

Walk Score

Walk Score

54

Transit Score

43

Address:
850 Admirals Road, Victoria BC