971 Market St - Apartments FOR SALE


Victoria, BC V8T 4Z3
$10,000,000 CAD
604-647-1352
971 Market St, Victoria, BC for Sale
$10,000,000 CAD
Apartments - FOR SALE
1/8
null | 4.87% Cap Rate

971 Market St
Victoria, BC V8T 4Z3


HIGHLIGHTS

  • Prominent corner location within Victoria’s Quadra Village neighbourhood.
  • Approximately $530,000 invested in capital improvements since 2022.
  • Nineteen residential units have undergone full suite renovations.
  • Convenient access to Downtown Victoria, Uptown, and Mayfair Shopping Centre.
  • Tenants pay their own heat and hydro, reducing operating expenses.
  • Stabilized multifamily asset with additional value-add potential.

OVERVIEW

North Hill Apartments presents an opportunity to acquire a 34-unit apartment property, including one office unit, in Victoria’s Quadra Village neighbourhood. Situated on a prominent corner parcel at Market Street and Wark Street, the property benefits from convenient access to Downtown Victoria, Uptown, Hillside Centre, Mayfair Shopping Centre, Royal Jubilee Hospital, and major transportation corridors serving the Capital Regional District. The location provides residents with connectivity to employment, retail, education, healthcare, and recreation amenities throughout the region. Current ownership has completed significant capital improvements, investing approximately $530,000 since 2022. Upgrades include full renovations to 19 residential units, common area enhancements, landscaping improvements, deck and balcony repairs, lobby modernization, and various building system updates. Renovated suites feature stainless steel appliances and dishwashers, supporting the property's ongoing operational performance and tenant appeal. The asset consists primarily of one-bedroom and two-bedroom apartments and is offered as a stabilized income-producing investment. Additional value enhancement potential exists through the remaining non-renovated units, allowing future ownership to continue modernization efforts. Tenants are responsible for their own heat and hydro expenses, while the property's existing operational structure provides opportunities for further efficiency improvements. The site also offers long-term land value considerations, with marketing materials indicating potential future redevelopment density subject to municipal approvals and planning requirements.

FOR SALE DETAILS

PRICE

$10,000,000 CAD

PRICE/SF

$383 CAD /SF

# OF UNITS

33

PRICE/UNIT

$303,030

CAP RATE

4.87%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

North Hill Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1976

PARKING SPACES

43

LAND DETAILS

LAND ACRES

0.5 AC

LAND SF

21,600 SF

ZONING

GRD-1 (PGA) - General Res

APN/PARCEL ID

001-740-687

ASK ABOUT THIS PROPERTY

Carey BuntainAvison YoungMore Info
604-647-1352

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Carey BuntainAvison YoungMore Info
604-647-1352

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.