Island Manor Apartments
1855 Fort Street

SOLD

Acquire a 100% freehold interest in a well maintained character rental apartment building, located in Victoria, BC. The offering includes a total of 21 authorized rental units in a central location situated on a highly visible corner lot. This investment opportunity will appeal to investors seeking to add value, reposition the asset, grow the overall yield, and subsequently the property’s market value. There is a specific capital upgrade that we encourage which would dramatically reduce the operating expenses and improve the net operating income. The size of the property is perfect for for an owner to self-manage, but still offers suffice scale of economies to the investment.

Location

Located in the South Jubilee neighbourhood in the municipality of Victoria directly across the street from the Royal Jubilee Hospital, the Property is conveniently situated on a corner site with frontage on Bank Street and Fort Street. Being located on the south side of the major arterial route of Fort Street provides tenants quick and easy access on public transit service to Downtown Victoria just ten minutes west. The University of Victoria (UVIC) is a convenient ten minute commute directly north of the subject property, and the Lansdowne campus of Camosun College is only 15 blocks north of the subject property on Richmond Road. The property is within walking distance to shopping, restaurants, schools, and amenities such as the Oak Bay Recreation Centre, Oak Bay Secondary School, and the Save-on-Foods anchored shopping centre, just three blocks east of the subject property.

Building Description

Constructed in approximately 1949, the three-storey walk-up apartment building is comprised of 21 rental units. The suites are efficiently laid-out, spacious, well lit, and provide tenants ample storage and closet space. The building is heated with oil, which is housed in an above ground tank. However, by converting the building’s heat to natural gas, investors can realize an immediate and significant increase to the net operating income. Tenants have access to three modern coin operated washers and two dryers in the recently renovated ground level laundry room, which enhances the monthly revenue of the property. There are ten paved-surface parking stalls behind the building which could also potentially add monthly revenue.

Investment Highlights

• 21-unit character apartment building
• Prime Victoria location across from Royal Jubilee Hospital
• High walk-score (84/100)
• Income upside and value-add opportunity
• Property is situated on a high-visibility corner site with frontage on Fort Street
• Excellent curb appeal