Wedgewood Terrace 1655 Chambers St 60 Unit Apartment Building $20,500,000 CAD ($341,667 CAD/Unit) 4.02% Cap Rate Victoria, BC V8T 3J7

Wedgewood Terrace Apartments is located in the City of Victoria at the corner of Chambers Street and Pandora Avenue in the Fernwood neighborhood of South Victoria. The property consists of a 60-suite, four-storey wood-frame apartment building constructed in 1964. The building contains approximately 57,400 square feet of gross building area and 44,167 square feet of net rentable area, situated on a 49,581-square-foot (1.14-acre) site. Exterior finishes include stucco and brick veneer with decorative wood trim and a mansard roof. Suites are heated by gas-fired hot water baseboard heating, and the building is serviced by one Montgomery elevator. Shared laundry facilities include four washers and four dryers. The property offers 62 storage lockers and 52 on-site parking stalls, including 14 covered stalls. Over the last five years, the building has undergone extensive upgrades, including improvements to common areas, balconies and railings, exterior windows, sliding patio doors, and the elevator. Additionally, 38 suites have been completely renovated and include the addition of dishwashers. The suite mix consists of 41 one-bedroom suites ranging from 635 to 688 square feet and 19 two-bedroom suites ranging from 891 to 1,153 square feet. The property is zoned R3-2, Multiple Dwelling District, and is held with clear title.