Firm

Mount Tolmie Ridge Apartments

1900 Mayfair Drive, Victoria

Apartment Building
107 suites on a 6-acre site

$10,800,000

Ocean, city and mountain views

Overview

To acquire an undivided 50% freehold interest in Mount Tolmie Ridge Apartments located at 1900 Mayfair Drive in the District of Saanich, the largest municipality in Greater Victoria, British Columbia.

The property is an incredibly located and well-maintained 107-suite rental apartment building improved on a massive 6-acre site featuring exceptional city, valley, ocean and mountain views. This offering represents a rare opportunity to acquire a building near the summit of one of Victoria’s premier viewpoints—Mount Tolmie Park. Accompanied with key attributes—captive catchment area, building scale and especially revenue upside—Mount Tolmie Ridge Apartments provides entry or expansion into Vancouver Island’s largest and rapidly growing city —Victoria.

Highlights

  • Views: elevated ridge construction near the summit of Mount Tolmie (120 m) with many suites featuring incredible views of the valley and city below, and ocean and mountains in the distance
  • Location: notable location highlights include the University of Victoria, Camosun College, Royal Jubilee Hospital, St. Michael’s University, Uplands Golf Course, and close to major shopping corridors
  • Scale: 107 apartments on approx. 6 acres of land
  • Revenue upside: average rents of ~$1,023 
  • Great suite mix: 50% of suites are large one-bedroom or one-bedroom & den; 45% are made up of either two-bedroom or three-bedroom suites; 5% are bachelor suites
  • Density: potential to add approx. 94,000 SF of density to the property, subject to municipal approvals, physical constraints, site servicing and topography

Location

Mount Tolmie Ridge Apartments is uniquely located on the ridge of Mount Tolmie, above Mayfair Drive in the Municipality of Saanich. Mayfair Road runs parallel to Richmond Road and Mount Tolmie is between Cedar Hill Cross Road to the north, and Lansdowne Road to the south.
 
The property enjoys convenient access to a significant cross section of local amenities including grocery shopping, shops and services, a broad selection of restaurants and pubs, financial institutions and specialty retailers, as well as numerous city parks, schools and recreation facilities all within a short car ride and only a bit longer on foot. Local transit is easily accessible a few steps away from the property on Richmond St, while there are numerous restaurants and services just south at the intersection of Shelbourne St and Hillside Ave including the regional Hillside Shopping Centre. Just north of the property at McKenzie Ave and Shelbourne St, one can find the University Village Shopping Centre anchored by Save-On Foods and Home Depot.

Summary

Price$10,800,000
Units107
Storeys3
Net Rentable Area~98,970 SF
Price/Unit$201,869
Cap Rate3.8%
GIM16.4
Year Built1971
Lot Size5.99 acres
ZoningRA-3 Apartment Zone
PID002-807-718

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units6Avg. Sq. Ft.475 SFAvg. Rent$695
1 bedroomNo. Units47Avg. Sq. Ft.773 SFAvg. Rent$898
1 bedroom + denNo. Units6Avg. Sq. Ft.1,001 SFAvg. Rent$986
2 bedroomNo. Units34Avg. Sq. Ft.1,042 SFAvg. Rent$1,133
3 bedroomNo. Units14Avg. Sq. Ft.1,312 SFAvg. Rent$1,381

Financials

Assessment 2017
Land
Building
Total
Land$8,046,000
Building$11,951,000
Total$19,997,000
Taxes 2017
$93,362
Income and Expenses
Gross Income
Vacancy (1%)
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$1,362,223
Vacancy(13,622)
Effective Gross $1,348,601
Operating Expenses(545,559)
Net Operating Income $803,042
Notes  * Undivided 50% freehold interest 

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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