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1333 Pandora Av 14 Unit Apartment Building $3,350,000 CAD ($239,286 CAD/Unit) 4.50% Cap Rate Victoria, BC V8V 3R6
Investment Highlights
- 14-unit apartment building with six bachelor and eight one-bedroom units.
- Five recently renovated units, updated fire panel, and two new hot water tanks.
- Located near Downtown Victoria within walking distance to transit, parks, and amenities.
- Development permit approved for four additional ground-floor units.
- 20 on-site surface parking stalls and electric baseboard heat (paid by tenants).
Executive Summary
This 14-unit multifamily property at 1333 Pandora Avenue offers investors an exceptional opportunity in the heart of Victoria. Situated on a 13,085 square-foot corner lot within the Fernwood neighborhood, the asset features a well-maintained three-story building with recently renovated units and DP-approved plans for four additional dwellings. The current configuration includes six bachelor and eight one-bedroom units, complemented by surface parking for 20 vehicles, coin-operated laundry, and a robust infrastructure that includes an updated fire panel and two new hot water tanks.
With five upgraded suites and electric baseboard heating costs covered by tenants, this property offers low operational overhead. The apartments enjoy below-market rents, creating significant value enhancement potential through repositioning. The approved development permit allows for three one-bedroom units and one two-bedroom unit to be added at grade without disturbing existing tenancies—a rare intensification opportunity in Victoria’s stable rental market.
Positioned minutes from Downtown Victoria, the location ensures strong connectivity to employment hubs, retail corridors, schools, and public transit, with nearby parks and green spaces enhancing tenant appeal. This combination of in-place income, embedded potential for rent growth, and expansion certainty provides a compelling proposition for investors seeking long-term stability and upside.
With five upgraded suites and electric baseboard heating costs covered by tenants, this property offers low operational overhead. The apartments enjoy below-market rents, creating significant value enhancement potential through repositioning. The approved development permit allows for three one-bedroom units and one two-bedroom unit to be added at grade without disturbing existing tenancies—a rare intensification opportunity in Victoria’s stable rental market.
Positioned minutes from Downtown Victoria, the location ensures strong connectivity to employment hubs, retail corridors, schools, and public transit, with nearby parks and green spaces enhancing tenant appeal. This combination of in-place income, embedded potential for rent growth, and expansion certainty provides a compelling proposition for investors seeking long-term stability and upside.
Property Facts
| Price | $3,350,000 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $239,286 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 4.50% | Building Size | 10,104 SF |
| No. Units | 14 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 1.98/1,000 SF |
| Zoning | R3-2 - Multiple Dwelling District | ||
| Price | $3,350,000 CAD |
| Price Per Unit | $239,286 CAD |
| Sale Type | Investment |
| Cap Rate | 4.50% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 10,104 SF |
| No. Stories | 3 |
| Year Built | 1976 |
| Parking Ratio | 1.98/1,000 SF |
| Zoning | R3-2 - Multiple Dwelling District |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
| 1+1 | 8 | - | - |
1 1
Exceptionally walkable
90/100
Fairly drivable
50/100
Good public transit
70/100
Moderately bikeable
70/100
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1333 Pandora Av
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