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NEW MULTIFAMILY INVESTMENT OPPORTUNITY IN VICTORIA BC

NEW MULTIFAMILY INVESTMENT OPPORTUNITY IN VICTORIA

“THE WAVERLY”

Completed in 2015

51 STRATA RENTAL HIGHRISE COMPLEX

594 Goldstream Ave

Langford BC

 

2015-03-04 10.26.16.jpg

 

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

     

Zoning:

 

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

 

Structural Details

 

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

 

Investment Opportunity in VictoriaAppliances: 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



Projected

Revenue

Rents and Other Income $748,224.00

Less 3% Vacancy and bad debt $22,446.72

Total Projected Net Revenue $725,777.28

 

Projected

Expenses

Advertising $200.00

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

 

Projected

Net rental Income

before debt service  = $582,459.00

 

Valuation:

$582,459.00

   4.5 cap

 

Equals $12,943,533

 

MARKET ASKING PRICE

$12,900,000

 

E&O

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.

Source: APARTMENT HIGHRISE INVESTMENT OPPORTUNITY IN VICTORIA BC

 

HAVE YOUR BEST YEAR EVER IN 2014 !

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Cheers

Fred Carver
Re/Max Camosun
Accredited Consultant in Real Estate®

“Recognized by ActiveRain as a 2013-2014 Top Contributor for Real Estate Blogging.”

Direct 250-598-2963   

Over 40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.

4440 Chatterton Way, Victoria, BC V8X 5J2
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Post Copyright © 2014 By Fred Carver All Rights Reserved

Fred Carver Top Realtor Victoria BC

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