Original schoolhouse converted 50+ years ago to residential rental building, located in City Centre in Langford's OCP. Currently grosses over $100k/year & consists of 10 units, including six studio/bachelor suites, two 1 bdrm suites, one 2 bdrm suite & one 3 bdrm suite. 2020 gross rent was just over $104k with most suites well under market potential rents. 2020 expenses were just under $33k for a net rental income of $67,613. However, the real value is in the land development potential (see supplements) and applying to municipality for City Centre Zoning outlined in OCP, with the possibility of developing at least 50 units. Building is in good condition, has been well maintained and kept in line with municipal codes, which makes it an excellent holding property while awaiting rezoning approval. The income will help to offset building demolition, or provide a steady income for many years if preferred.
942 Preston Way
Interesting that is was formerly a schoolhouse.
Edited by Victoria Watcher, 12 January 2022 - 07:01 AM.