250 Victoria Rd, Nanaimo Vancouver Island

$4 620 000
MLS No: Exclusive
Property type: Apartment Building
Area (Sq Ft)
19,875
Units
32
Price Per Unit
144,375
Cap Rate
5.37
GRM
12.80

Specifications

  • Land Size: 9,680 Sq Ft
  • Year Built: 1976
  • Land Size (Acres): 0.22
  • Storeys: 4
  • Elevator: 1

Description

Renovated apartment building for sale in downtown Nanaimo, BC.

Featuring 1 bachelor and 31 one-bedroom units, 250 Victoria Rd has recently undergone substantial renovations and improvements.

All windows and doors have been replaced.  Convenient in-suite laundry is installed in every unit. Lobby and hallways have been updated. Modern security, camera and enter-phone system was installed. Increased security creates peace-of-mind for tenants and remote access for the landlord. View your building in real time from anywhere in the world…all on your mobile phone!

Five units have been completed renovated with new kitchen, bathroom, flooring, paint, fixtures, appliances, cabinets have all been replaced. Renovated units are renting for $1,250 per month.

Electricity is individually metered for each suite. Hot water is provided by separate electric hot water tanks in each suite. Heat is electric baseboard. As a result, landlord utility expenses and maintenance costs are low.

The roof is a brand new torch-on membrane installed in 2014.  The central elevator has been updated to meet current elevator safety regulations.  Construction is poured concrete slab foundation, wood frame and a well-maintained stucco exterior.

All upper front-facing suites enjoy stunning panoramic water views over Departure Bay.

As a result of building upgrades, solid construction and convenient location, 250 Victoria Rd will provide a solid income for many years to come.  Keep as a stable cash-flow building or complete renovations to remaining units for even more rental upside.

Property Identifiers

Address: 250 Victoria Rd, Nanaimo, BC, V9R 4P8

PID(s): 000-351-938, 000-352-721, 000-352-730

Legal Description: Lot A1 Block U Plan VIP584 Section 1 Land District 32 HARBOUR HILL APTS (32 SUITES), Lot B1 Block U Plan VIP584 Section 1 Land District 32, Lot B2 Block U Plan VIP584 Section 1 Land District 32

  • Bachelor
  • One Bedroom

250 Victoria Rd, Nanaimo – Rental Summary

September 20181

As If Renovated2

# of Units

Beds

Baths

Condition

Avg SF

Avg Rent

Rent/SF

Avg Rent

Rent/SF

26

1

1

Un-Renovated

625

$915

$1.46

$1,225

$1.96

1

Bach

1

Renovated

500

$950

$1.90

$950

$1.90

5

1

1

Renovated

625

$1,250

$2.00

$1,250

$2.00

1 Projected rent as of September 1, 2018.
2 Projected rent as if all unit substantially renovated.  Current renovated units earn $1,250 per month.
INCOME

Pro Forma ($)

Per Unit ($)

As If Fully Renovated ($)

Per Unit ($)

Gross Rental Income

353,724

11,054

471,000

14,719

Gross Income

353,724

11,054

471,000

14,719

Vacancy Allowance

1.6%

(5,660)

(7,536)

Effective Gross Income

348,064

10,877

463,464

14,483

EXPENSES
Advertising and Promotion

1,000

31

2,000

63

Insurance

11,250

352

15,000

469

Office and Professional Fees

4,000

125

4,000

125

Property Management

14,149

442

18,840

589

Property Tax

25,000

781

25,000

781

Repairs and Maintenance

30,000

938

25,000

781

Utilities

22,500

703

25,000

781

Total Expenses

106,899

3,341

112,840

3,526

% of Effective Gross Income

31%

24%

NET OPERATING INCOME

241,165

7,536

350,624

10,957

Pro Forma

As-If Renovated

VALUE INDICATORS
Purchase Price

$4,620,000

$4,620,000

Renovation

Included

$500,000

Total Purchase Price

$4,620,000

$5,120,000

Price Per Unit

$144,375

$160,000

Price Per SF

$231

$258

Cap Rate

5.22%

6.80%

Gross Rent Multiplier

16.87

10.93

–   
FINANCING
Downpayment (Estimate) 35%

$1,617,000

$1,792,000

First Mortgage (Estimate)

$3,003,000

$3,328,000

Interest Rate/Amortization (Estimate)

3.40% / 25 Years

3.40% / 25 Years

–   
CASH FLOW ANALYSIS
Net Operating Income

$241,165

$348,358

Annual Debt Service

($177,521)

($196,733)

Debt Coverage Ratio

1.36

1.77

Net Cash Flow After Debt Service

$63,644

$151,625

Return After Debt Service

3.94%

8.46%

Principle Reduction Year One

$77,324

$85,692

Total Return ($)

$140,968

$237,317

Total Return (%)

8.72%

13.24%

Building Features and Finishes

Construction/Exterior

  • New Torch-On Membrane Roof in 2014
  • Enterphone Buzzer Entry System
  • Central Elevator
  • Stucco Exterior (Painted 2015)
  • 100% New Windows (Installed 2018)
  • 100% New Doors, Interior and Exterior (Installed 2018)
  • Wood Frame Construction
  • Storage Lockers on Main Floor
  • Secured Surface Parking

Mechanical

  • Individual Electric Hot Water Tanks in Each Unit
  • Electric Baseboard Heating System
  • Individual Hydro Meters, Tenants Pay Hydro & Hot Water

Interior

  • Brand New In Suite Laundry Installed in 2018
  • Updated Lobby and Hallways
  • Spacious Suites, Functional Layouts
  • Laminate and Carpet Interior Flooring
  • Linoleum Bathroom Flooring
  • Carpeted Hallways
  • All Units Feature Balcony Outdoor Space

Location

  • Departure Bay Ferry Terminal 5 Minutes Away
  • Walkscore of 73 – ‘Very Walkable’
  • Groceries and Shops Nearby
  • Transit and Convenient Transportation Routes Nearby

Contact the Agent

Seth Baker

Managing Broker & Owner
Phone
(778) 235-9293
Fax
(778) 650-0350
Address
119 W Pender St, Suite 104
Vancouver, BC, V6B 1S5
Combine bold entrepreneurship, unique data analysis and elite salesmanship, and you have Seth Baker. As Owner of Multifamily Real Estate Services, Seth takes on challenging responsibilities, such as founding his own real estate brokerage company and selling some of the world’s most valuable apartment buildings. He is a master communicator and skillful analyst. His impressive technology background allows him to maintain priceless market data while building powerful relationships with multifamily investors and developers. Ask him about how to get people to agree. It’s his secret talent. Seth Baker has led an impressive career in real estate brokerage. He is personally responsible for more than $87,000,000 in real estate sales, a number that’s growing daily.  He has contributed to a number of industry organizations including LandlordBC, Vancouver Board of Trade, BC Non-Profit Housing Association, Greater Vancouver Home Builders Association and Urban Development Institute. He received his Managing Broker’s Licence through UBC’s…