NEW MULTIFAMILY INVESTMENT OPPORTUNITY IN VICTORIA
Completed in 2015
51 STRATA RENTAL HIGHRISE COMPLEX
594 Goldstream Ave
The Waverly is situated on the north section of the property comprising of 1.17 acres. The Waverly was completed and tenanted in 2015.The first phase of a two phase project of two concrete 6 story buildings.The second phase will be located on south side of the site. Excellent investment, this highrise apartment building is not only concrete. It was build to condominuium standards and will have individual tiles for possible future sales as a individual condominium rental investment or home ownership.
Listed on www.victoriacommercialrealestate.com
Building Suite Mix
12 Studio 463 sq.ft
12 One Bedroom 614 sq.ft.
21 Two Bedroom 807 sq.ft.
6 Three Bedroom 1079 sq.ft.
Total: 51 Strata Rental Units
The subject property is currently zoned C8, Community Town Centre Pedestrian Zone, as per the City of Langford Zoning Bylaw 151 Zoned for 90 units
Foundations: Poured reinforced concrete footings and foundations.
Structure: 6 Story building using Insulated concrete form (ICF) construction with concrete subfloors.
Floor Cover: Mixture of tile, hardwood wood floors, and w-w carpet throughout.
Ceilings: Assumed painted gypsum board throughout.
Gross Building Area : 44,284 square feet
Heating: All heating is provided by electric baseboard units. Each unit also have a gas fireplace.
Electrical: 200 amp panel for each unit.
Exterior Walls: Exterior walls are a mixture of Hardiplank and brick trim
Windows: Aluminum frame double pane windows
Roof: Flat with torch-on membrane cover
Appliances: Each unit are equipped with a full size stove and refrigerator plus dishwasher, microwave oven and stacking washer/dryers.
Age, Quality and Condition: The 51-unit highrise rental complex has been constructed with good quality features and finishing (to condominium standards). The units, will have an economic life expectancy of 75 years each. Construction is now completed.
THE WAVERLY PROJECTED NET INCOME MAY/2015
Rents and Other Income $748,224.00
Less 3% Vacancy and bad debt $22,446.72
Total Projected Net Revenue $725,777.28
Insurance, Dues & Licenses $12,087.00
Property Taxes $60,000.00
Credit Checks $500.00
Repairs & Maintenance $32,156.00
Telephone and Utilities $31,822.00
Wages and payroll costs $30,000.00
Total Projected Expenses $166,765.00
Net rental Income
before debt service = $582,459.00
MARKET ASKING PRICE
Information contained herein are from sources we believe to be reliable although not guaranteed by RE/MAX Camosun and or Fred Carver.
Financial projections supplied by the owner based on their experience and knowledge of the local current rental market.
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4440 Chatterton Way, Victoria, BC V8X 5J2
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