2312 Wark Street

Overview

Well-located 8-suite residential revenue property on the edge of Victoria’s downtown inner-city

To acquire an existing 8-suite residential revenue property on the edge of Victoria’s Downtown Inner-City. The opportunity exists for an investor to step into a well-maintained and extensively updated operation, with the potential for revenue growth in the near term and development over the longer term.

Constructed in 1912 and improved on a 7,050 SF R-2 zoned lot, the property features a suite mix of 1 bachelor, 5 one-bedrooms, 1 two-bedroom and 1 three-bedroom, equating to 4,250 of net rentable area. Other highlights include balconies and patios for most suites and parking for 10 vehicles.

Upgrades

The building has undergone an extensive list of upgrades in recent years including the following:

• New carpets in all common areas and repainting of exterior (2015)
• Renovation of the lower level, including complete demolition and structural upgrades to concrete foundations, wooden columns and beams, and new floor slab (2015-2016)
• New energy efficient boiler and hot water heater, a new perimeter drainage system, and new exterior concrete walkways (2016)
• Three bedroom/two bathroom suite is entirely new, along with upgrades to suites 1, 3 and 4 (2016)
• New exterior sprinkler system (2018)
• Rear parking and garbage/recycling areas re-paved and landscaped
• Coin-operated washer and dryer replace (2019)

Location

2312 Wark Street is located at the fringe of Downtown Victoria, where the neighbourhoods of North Park and Quadra-Hillside meet. Its immediate adjacency to the Downtown area provides convenient access to and from the core, while also maintaining its quaint neighbourhood charm. The Quadra-Hillside community is bounded by three high-volume traffic routes – Bay Street to the north, Cook Street to the east, and Blanshard Street (Highway 17) to the west – and is characterized by a wide-variety of low-rise housing and tree-lined streets.

The commercial centre is known as Quadra Village, anchored by Fairway Markets and many eclectic shops and restaurants, all within an easy walking distance of the subject property. Wark Street runs parallel to Quadra Street and the 2300-block in particular features many beautiful, mature trees and early twentieth century single-family homes.

Closer to the north end of Downtown, the Save On Foods Memorial Arena, and the Downtown core itself are likewise an easy walk from the subject property. The location also scores well for transit service, with multiple routes available on Bay Street, Quadra Street and Blanshard Avenue.