1896 replies to this topic

[Victoria Watcher]

well said spanky.

 

if they ever come in and restrict rental increases at tenant turn-over then it's all over for rental construction or basement suites.  that's the only hope they have now to catch up occasionally.

Edited by Victoria Watcher, 02 March 2021 - 09:31 AM.

[Mike K.]

The question I keep hearing is when Eby will start offering to buy rental buildings, not empty hotels and motels.

[Victoria Watcher]

9 Unit Multifamily Investment Opportunity: A well-situated multifamily property just steps away from Downtown Victoria, Cook Street Village, Dallas Road waterfront and Beacon Hill Park. -Built as a single-family dwelling in 1910 and converted to a 9-suite legal apartment with permits in 1977. - Wonderful curb appeal on a well landscaped corner lot offering gardens with future development potential. - On-site coin operated commercial laundry machines. Storage, bike shed, and general tool shed also on the property. - 400-amp electrical system, with all suites having their own meter (except suite 9 which shares the house meter). - Laminate or vinyl plank in all suites, save and except, the penthouse and common areas are carpeted. - Elevator services top floor penthouse unit only. - Three (3) off-street parking stalls and ample street parking. 

 

 

$3,100,000

https://www.realtor....-fairfield-east

[Nparker]

...A well-situated multifamily property just steps away from Downtown Victoria, Cook Street Village, Dallas Road waterfront and Beacon Hill Park...

Remember when being close to downtown and BHP were actually advantages rather than risks?

[Barrrister]

Buying anything in Victoria proper is rather problematic.

[Victoria Watcher]

1002 Pakington

 

$4,500,000

 

Centrally located in one of Victorias premier rental communities Walking distance to Cook Street Village, Ross Bay Village, Downtown and Dallas Road Close proximity to transit Below market rents provide ability to increase revenue on turnover 3 storey, 14 suite apartment building with 2 parking stalls and 2 storage units Excellent suite mix consisting of 1 bachelor, 7 one-bedroom and 6 two-bedroom suites Consistently 100% occupied 50% turnover experienced in the last 3 years

 

https://www.realtor....-fairfield-west

 

[spanky123]

^ Sad. Vendors have to highlight turnover since it is now the only way of maintaining market rent.

 

Noticed that the asking price is 50% above assessment. Wondering if they are hoping to sell to BC Housing.

Edited by spanky123, 03 March 2021 - 04:40 PM.

[Jackerbie]

^^ Not 100% sure but looks like the building is "legal non-conforming," i.e. could not be built today under the existing zoning. That might explain the difference between assessment and asking price

[Victoria Watcher]

^ Sad. Vendors have to highlight turnover since it is now the only way of maintaining market rent.

 

i noticed that too.  that is sad.

[Victoria Watcher]

STREET VIEW

 

$10,100,000

1030 Cook

 

 

The Avison Young Multi-Family Team is pleased to market for sale October Mansion at 1030 Cook Street, Victoria, B.C. (the Property). The Property is located just steps away from Cook Street Village and a short walk to downtown Victoria. Acquired by the current ownership in 2003, the Property has undergone extensive capital upgrades, suite renovations plus the addition of six (6) permitted units. This is an amazing opportunity for an investor to acquire a well-improved 30-unit rental apartment building in the heart of Victoria, B.C. Investment highlights - Major capital improvements completed (2003-2012) - Secure ash flow with most units achieving above average rents for the area - Low vacancy and turnover due to prime location - Located near an abundance of amenities in Cook Street Village & Downtown Victoria - Clean environmental report available

 

 

 

 

 

it's interesting they added 6 more units somehow.  i wonder if they used some previously-uneconomical basement space and made units. otherwise maybe they split some units(?)

 

"low turnover" - this realtor is using the wrong marketing techniques!

Edited by Victoria Watcher, 23 March 2021 - 09:25 AM.

[LJ]

Another potential for the workless.

[Nparker]

Another potential for the workless.

What a tragedy that would be.

[Rob Randall]

 

it's interesting they added 6 more units somehow.  i wonder if they used some previously-uneconomical basement space and made units. otherwise maybe they split some units(?)

 

Yep, they put the suites in the basement. Kind of weird, your window is level with the sidewalk. 

 

Secure ash flow

 

 

Well, if Mt. Baker blows, the ash flow will be right into your living room.

[zoomer]

Perhaps selling now before the new homeless shelter is built directly across the street.

[Victoria Watcher]

Become the next steward to this jewel of a home, steeped in local history. The Francis Verdier house was originally built as a symbol of success in 1911 in the popular Arts & Crafts style. This epitome of charm & master craftsmanship was converted (2019) into eight modern rental units after relocating the building to the opposite side of the property. With its timeless, full-length open front veranda and whimsical details including a gabled roof, front-gabled dormer, stunning stained glass windows, and decorative piers, it is an estate home that seems to exist solely in a fairytale. The craftsmanship and level of detail in this house will grab your attention & convey the love and tremendous care that was put into the home. If you have been waiting for a one of kind historic property, this investment will yield returns for countless years. This turn of a century home is minutes from beaches, hiking, restaurants groceries, and all Brentwood Bay has to offer.

 

$2,600,000

 

https://www.realtor....h-brentwood-bay

 

[Victoria Watcher]

$2,200,000

https://www.realtor....toria-james-bay

 

Excellent Investment Opportunity! Gross rental income of over $108,000 per year. Charming, well maintained 9 suite revenue property in desirable James Bay. Ideally located just 2 blocks to Fisherman's Wharf and walking distance to Dallas Road, grocery stores, restaurants, the legislature, new library and all amenities of Downtown. Originally built in 1908, this character three story building was converted to 8 suites in 1976, with an additional suite subsequently added. This property has been owned by the same family for 30 years and shows pride of ownership with significant capital upgrades over recent years. Improvements include new decks, fire alarm system, rear staircase and exterior paint. There are seven 1 bedroom + 2 bachelor suites in this revenue property and each unit is separately metered for hydro, heat & hot water. The building also offers shared laundry, bike storage & storage lockers. Low maintenance 7,200 sq.ft. lot provides onsite parking for 7-8 vehicles.

 

Edited by Victoria Watcher, 26 March 2021 - 05:15 AM.

[Victoria Watcher]

$2,288,000

 

1120 May Street

 

You are invited to this rare opportunity to acquire the jewel at Beacon Hill Park. A 10 suite revenue & character apartment building, 3 blocks to Dallas Rd. Oceanside parks and cycling paths, in the heart of Cook St. Village. Potential bonus density afforded by Schedule G self-contained dwelling units bylaw to optimize your rent roll further. Coveted Legal, Non-Conforming 46% Bonus FSR (Floor Space Ratio) and rentable floor area as compared to R1-B zoning due to a legal Multifamily conversion in 1964. Corrected Current Gross Effective Income >$110,000. 4.7% Cap Rate improved upon gentle stabilization. Rental Upside provides lots of room to grow your yield. CMHC vacancy reports an average of 0.9% for rental configurations in Cook St. Village, always commanding some of the highest rents in Victoria. CMHC reduced DSCR hurdle rate and SRO (Single Room Occupancy) program potentially eligible for easy financing. Professionally managed and meticulously cared for 3 two bedroom & 1 one bedroom self-contained suites plus 6 studio suites with 3 shared three piece washrooms, just steps from Bus routes, the Village amenities, park access and views.

 

https://www.realtor....-fairfield-west

 

 

 

you see i might rig up those 6 studio suites with urinals in their kitchens.  then you only need leave the suite once a day or however often you go #2 or shower.

Edited by Victoria Watcher, 05 April 2021 - 08:49 AM.

[spanky123]

^ Heck BC Housing math makes this a $9M property!

[Redd42]

Wonder who is responsible for cleaning the shared bathrooms?

[Victoria Watcher]

how about this concept:

 

rent your apartment/condo unit without appliances.   now you know that you are likely getting a long-term tenant, one that has financial means (they will have to spend a few thousand on appliances) and appliance damage and wear and tear and replacement/upgrade is no longer your issue.

Edited by Victoria Watcher, 09 May 2021 - 06:55 AM.