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1124 Fairfield Road

Victoria, BC

Apartment Building
9 Suites

SOLD $1,510,000

Overview

This character conversion was built as a single family residence in 1912 and converted to a legal 9-suite apartment in 1977. It offers wonderful curb appeal on a well landscaped corner lot, steps to the Cook St. Village, Dallas Rd. waterfront and Beacon Hill Park in Victoria, BC.

Location

The subject property is located on the corner of Chester Avenue and Fairfield Road in Victoria, steps to the Cook St. Village, Dallas Rd. waterfront and Beacon Hill Park.  A 2 minute drive brings you to the inner harbor and downtown, and UVIC is only 15 minutes away.

Highlights

  • Built as a single family residence in 1912 and converted to a 9-suite legal apartment with permits in 1977
  • Wonderful curb appeal on a lovely well landscaped corner lot offering gardens and a large grassy area
  • Fairfield is the “Kitsilano of Victoria” commanding good rents & high caliber tenants (never a vacancy)
  • Laundry room with a coin operated commercial Maytag washer/dryer and laundry sink
  • 400 amp electrical system, with all suites having their own meter (except suite 9 which shares the house meter)
  • Common areas and all suites are heated with electric baseboard heaters
  • Fir flooring in all suites except the penthouse (currently covered with carpet or lino)
  • Each suite has a newer apartment-size fridge and stove
  • All kitchens and bathrooms are immaculate, but have not had any renovations for many years  other than paint
  • Elevator services top floor penthouse unit only
  • Wood burning fire place in the penthouse, as well as a fireplace in suite 3 and suite 4 (operational but not used)
  • Parking: 3 off street parking stalls with plenty of free street parking
  • Zoning is RK-13 Fairfield Bed and Breakfast. In addition to permitting apartments, this zoning also allows up to 8 suites to be rented as transient accommodation (i.e., hotel rooms/suites, provided the building is the principal residence of the operator).

Upgrades

  • Roof replaced with a 25 year fiberglass shingle roof approx 7 years ago
  • Commercial oil-fired hot water tank was replaced 2 years ago
  • All windows are original for the most part
  • The lobby and interior common area were painted and new carpet added 2 years ago
  • There are 6 exterior decks all of which have been recovered with Duradeck in the last 2 years
  • Most suites have new blinds and have been recently painted

Summary

Price$1,549,000
Units9
Price/Unit$172,111
Cap Rate5.2%
GIM14.1
Year Built1912
Lot Size6,270 sq. ft.
ZoningRK-13
PID004-053-044; 004-052-943
Sale Price$1,510,000
Sale Date05/03/2012

Suite Mix

 No. Units
BachelorNo. Units2
One BedroomNo. Units6
One Bedroom + Den P/HNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2012
Land
Building
Total
Land$534,000
Building$836,000
Total$1,370,000
Taxes 2011
$8,744.61
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$109,200
Vacancy(546)
Effective Gross$108,654
Operating Expenses(28,113)
Net Operating Income$80,541
NotesFor a current rent roll & expense statement, click here.

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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