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Lynmour Apartments

1767 Coronation Avenue, Victoria

$3,350,000

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Price $3,350,000

Property type Apartment building

Units 15

Storeys 3

Year built 1951

Lot size 11,597 SF

Zoning R1‐B

Price per unit $223,333

Cap rate 3.5%

Gross income multiplier 19.3

Parking 10 surface stalls (approx)

Development potential Urban Residential/up to a potential maximum of 2:1

PID 002‐279‐941 & 002‐280‐019

Legal description Lots 10 & 11, Block 2, Section 76, Victoria District, Plan 1245

Overview

Lynmour Apartments is a 15-suite three-storey apartment building located in the Jubilee neighbourhood of Victoria, BC, just steps to Royal Jubilee Hospital and adjacent to Downtown and Oak Bay.

Built in 1951 on a 11,597 SF lot, the building’s suite mix comprises 9 bachelors and 6 one-bedrooms.

The building offers surface parking (approx. 10 stalls), 1 leased washer/dryer set and tenant storage lockers for each unit.

Location

The property is exceptionally well located adjacent to Downtown and Oak Bay in Victoria’s Jubilee neighbourhood. It is situated on the southwest corner of Coronation Avenue and Richmond Road on a quiet, low‐traffic tree‐lined street.

The Jubilee community is bounded by four high‐volume traffic routes – Oak Bay Avenue to the south, Bay Street to the north, Richmond Road to the east, and Shelbourne Street to the west. Tenants enjoy easy access to transit service with multiple routes available on Richmond Road, Fort Street and Shelbourne Street.

The commercial centre is in close proximity off Fort Street, anchored by Save‐On‐Foods with many shops, restaurants and amenities all within easy walking distance. Oak Bay Recreation Centre is only a few blocks away.

The surrounding area earns a WalkScore of 80, and is described as “very walkable”, so most errands can be accomplished on foot.

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	No. units	Average size	Average rent
Bachelor	No. units9	Average rent$883
1 Bedroom	No. units6	Average rent$1,049

Financials

Financing	Treat as clear title
Assessment 2024	Land Building Total	Land$2,377,000 Building$262,000 Total$2,639,000
Taxes 2023	$11,983
Income and expenses	Effective gross Operating expenses Net operating income	Effective gross$173,129 Operating expenses($54,718) Net operating income$118,411
Notes	For additional information, please contact listing agent.

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