Ellery Apartments
837 Ellery Street

FOR SALE

Ellery Apartments - 837 Ellery Street, Esquimalt, BC

Ellery Apartments is a four-storey, wood-framed low-rise apartment which houses 40 spacious rental suites with an average size of 783 sf. This building sits on a large 33,800 sf lot, and has benefited from significant capital expenditures and exceptional maintenance completed by the ownership.

Ellery Apartments boast an abundance of nearby amenities, achieving a walk score of 86 and a bike score of 94, while simultaneously located within a short drive from downtown Victoria. Besides families & retirees, Esquimalt’s rental market is boosted by strong employment demand, including a large military presence, being the home of Canada’s naval presence on the West Coast (CFB Esquimalt).

Investment Highlights 

• STRATEGIC LOCATION
  Located adjacent to Gorge Waterway, near major transit roads offering swift connectivity to Downtown Victoria and surrounding neighbourhoods.
• EXTENSIVE SUITE RENOVATIONS
  22 units have been renovated with vinyl plank flooring, new bathrooms and new kitchens with stainless-steel appliances, achieving market rents and giving potential purchasers strong leverage and going-in cap rate.
• PROVEN RENTAL UPSIDE
  The mark-to-market on rents for the 18 unrenovated suites is 71% providing attractive investment yield growth upon turnover and renovation.
• EXTENSIVE CAPITAL UPGRADES
  Building, suites, and common area are upgraded to a superior standard than most buildings of this vintage
• SHARE SALE OPTION
  Title held in a bare trust nominee, allowing a purchaser to elect for a share sale and potential for property transfer taxes savings

For More Information, please contact a member of the exclusive property advisors.

>>>Brochure available for download on the top right of this page