Offered at a reduced price of $1,550,000, 2821 Irma Street presents a compelling opportunity for investors and developers in Victoria’s rapidly evolving Southeast Gorge neighborhood. This five-suite apartment building sits on a generous 12,437 SF lot and is surrounded by a wave of multifamily development, including the 152-unit 45 Gorge Road project and a proposed 488-unit rental community nearby. Built in 1956, the property features wood frame construction with stucco exterior, natural gas radiant heating, and a pitched asphalt shingle roof. The building includes five legal one-bedroom suites and ample paved surface parking at the rear. With 3,702 SF of existing building area and a permitted buildable area of up to 12,437 SF under the Missing Middle housing framework, the site offers strong upside through renovation or redevelopment. Designated as Traditional Residential in the Official Community Plan and located within the Burnside Gorge Neighbourhood Plan, the property supports a wide range of residential uses including houseplexes, duplexes, and ground-oriented multi-unit buildings up to three stories. The zoning (R1-B) and 1.1:1 FSR allow for up to 13,681 SF of buildable space, making this an ideal candidate for infill development in a high-demand rental corridor. With its proximity to the Gorge Waterway, public transit, and a growing mix of amenities, 2821 Irma Street is well-positioned to capitalize on Victoria’s push for density and housing diversity. Whether held for income or redeveloped, this property offers a rare blend of location, scale, and flexibility.