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

SOLD!! Renovated apartment building at 250 Victoria Rd, Nanaimo.

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

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, incisive analysis and elite salesmanship, and you have Seth Baker. As Owner of Multifamily Real Estate Services, Seth founded his own real estate brokerage company dedicated to selling some of the world’s most valuable apartment buildings. He is a master communicator and skillful analyst. He has a diverse background with a unique combination of street smarts, business, and data technology. This background allows Seth 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 $125,000,000 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.…




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