sold mid-renovation to a high-standard syndicator — development analysis delivered confidence
- 32-unit apartment with panoramic views
- partially renovated, pro forma-driven sale
listing
description
This sale of 250 Victoria Road in Nanaimo was a prime example of what it takes to sell a partially renovated, mid-transition asset in a competitive market — especially when the buyer is a syndicator with extremely high performance standards.
At the time of listing, the building was only partially upgraded. Several suites were still under renovation. The lobby, hallways, windows, and doors had been modernized, and a full enter-phone, security, and surveillance system had been installed. All suites included in-suite laundry, tenant-paid utilities, and updated electrical metering — key upgrades that reduced ongoing operating costs. A new torch-on roof had been installed in 2014, and the central elevator had been modernized. Structurally, the building stood on a poured concrete slab with a well-maintained stucco exterior. But it still wasn’t fully complete.
That meant one thing: the sale would depend entirely on credible, forward-looking analysis.
I approached this assignment like a developer would — evaluating the renovation schedule, staging assumptions, and realistic rent-up timelines. I built a conservative, well-supported pro forma that modelled stabilized value based on achievable rents, local economic trends, and verified expense benchmarks. I backed that with third-party data and demographic analysis that painted a clear picture of growth and demand in the Nanaimo market.
The result? A highly credible offering that attracted strong investor interest. We received multiple offers and ultimately sold to a high-quality syndicator who moved forward with confidence — knowing that every number had been scrutinized with discipline and developer-grade thinking.
investment
thesis
A partially renovated income-producing asset in a high-demand urban market with strong fundamentals, low operating costs, and clear upside — structured for long-term yield and reduced capital exposure post-close.
policy
context
Zoned for multifamily use and located minutes from the downtown core, 250 Victoria Road benefits from proximity to Departure Bay, public transportation, and essential services. Nanaimo continues to benefit from Vancouver Island’s migration trend, affordability dynamics, and increasing regional infrastructure investment — all of which support long-term demand for stabilized rental housing.
buyer
appeal
The buyer — a performance-driven private syndicator — moved forward because the offering wasn’t just opinion. It was structured. Every projection was underpinned by hard data, local benchmarks, and a clear timeline to completion. My ability to analyze the building like a developer — and communicate that clearly — was key to converting uncertainty into action.
Sold mid-renovation with realistic pro forma
Developer-style underwriting for investor confidence
Competitive sale process with multiple offers
specifications
Sold Price: $4,620,000
Total Units: 32 x 1-Bedroom
Price Per Unit: $144,375
Year Built: 1976
Lot Size: 19,680 SF
Rentable Area: Approx. 24,000 SF
Cap Rate: 5.37%
Roof: Torch-On Membrane (New in 2014)
Construction: Wood Frame, Poured Concrete Slab
Exterior: Stucco
Utilities: Tenant-Paid Electricity, Electric Heat & Hot Water
Mechanical: Individual electric hot water tanks per suite
Elevator: Modernized, Up to Code
Security: Camera + Enterphone System (New)
Laundry: In-Suite Laundry in All Units
Parking: 30 Surface Stalls
Views: Panoramic Departure Bay views from upper floors
Legal Description:
Lot 1 Block U Plan VIP584 Section 1 Land District 32 SEC A & B
Lot 2 Block U Plan VIP584 Section 1 Land District 32 SEC B
PIDs: 000-351-938, 000-352-721, 000-352-730
Assessed Value (2019): $3,346,000
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