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Vicount Manor

950 Rockland Avenue, Victoria

Apartment Building
40 suites

SOLD $5,150,000

Overview

Vicount Manor is a 40-suite wood-frame rental apartment building located in Victoria, BC. Built in 1963, the subject features parking, balconies, a large sun room, hardwood floors and an ongoing maintenance program. The property is situated walking distance to Downtown Victoria in the prestigious Rockland area on Pioneer Square across from Christ Church Cathedral.

Features

-Large sun room on 5th floor
-All suites have generous closet space & all main bedrooms are large enough for 2 twin beds or a queen
-Hardwood floors; some have carpet over hardwood
-Family-built & managed since 1963
-Supervised fire alarm system
-Elevator upgrade 2010
-New boiler 2 years ago (gas hot water heat)
-New roof within the last 10 years
-New hall carpets within the last 10 years
-One unauthorized suite

Summary

Price$5,295,000
Units40
Price/Unit$132,375
Cap Rate4.2%
GIM13.5
Year Built1963
Lot Size20,962 sq. ft.
ZoningMulti-family
PID004-130-014
Sale Price$5,150,000
Sale Date09/23/2011

Suite Mix

 No. Units
BachelorNo. Units7
One BedroomNo. Units26
Two BedroomNo. Units7

Financials

FinancingClear title.
Assessment 2011
Land
Building
Total
Land$1,637,000
Building$3,477,000
Total$5,114,000
Taxes 2010
$30,555.24
Income and Expenses
Gross Income
Vacancy 1%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$390,914
Vacancy(3,909)
Effective Gross$387,005
Operating Expenses(166,416)
Net Operating Income$220,589

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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