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Saanich 250 Gorge Rd W 36 Unit Apartment Building $10,000,000 CAD ($277,778 CAD/Unit) 4.19% Cap Rate Saanich, BC V9A 1M6
Investment Highlights
- Located adjacent to Gorge Shopping Centre with close proximity to transit, Uptown Centre, and multiple retail services.
- Full suite renovations on 16 units with stainless steel appliances and dishwashers.
- Large 34,611 SF site located within a high-growth area with long-term development momentum.
- Significant capital upgrades completed, including new windows, balcony railings, building signage, and landscaping.
- Future value enhancement through additional renovations and densification under current zoning and OCP.
Executive Summary
Gorge Terrace presents an exceptional opportunity to acquire a fully rented, income-producing multi-family property prominently located along the established Gorge Road corridor in Saanich, part of Greater Victoria’s thriving rental market. The 36-suite complex, situated on a 34,611 SF lot, comprises a mix of studio, one-, and two-bedroom units with an average size of 640 SF. Current ownership has invested over $490,000 into significant capital improvements, including comprehensive renovations of 16 suites, exterior enhancements, new aluminum balconies, updated common areas, modernized windows, and new signage.
Positioned adjacent to the Gorge Shopping Centre and minutes from Uptown Centre, the property benefits from immediate access to transit, key retail amenities, and the scenic Gorge Waterway, which offers walking trails and recreational activities. Long-term upside exists through further unit renovations and potential densification opportunities supported by the property’s RA-3 Apartment Zoning and inclusion in the Primary Growth Area under the Official Community Plan.
With a stabilized net operating income of $419,204 and average actual rent of $1,440 per unit, Gorge Terrace offers investors consistent cash flow and value-add potential in one of Vancouver Island’s most resilient rental markets.
Positioned adjacent to the Gorge Shopping Centre and minutes from Uptown Centre, the property benefits from immediate access to transit, key retail amenities, and the scenic Gorge Waterway, which offers walking trails and recreational activities. Long-term upside exists through further unit renovations and potential densification opportunities supported by the property’s RA-3 Apartment Zoning and inclusion in the Primary Growth Area under the Official Community Plan.
With a stabilized net operating income of $419,204 and average actual rent of $1,440 per unit, Gorge Terrace offers investors consistent cash flow and value-add potential in one of Vancouver Island’s most resilient rental markets.
Property Facts
| Price | $10,000,000 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $277,778 CAD | Building Class | A |
| Sale Type | Investment | Lot Size | 0.79 AC |
| Cap Rate | 4.19% | Building Size | 23,052 SF |
| No. Units | 36 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | ||
| Zoning | RA-3 - Apartment Zone - RA-3 - Apartment Zone | ||
| Price | $10,000,000 CAD |
| Price Per Unit | $277,778 CAD |
| Sale Type | Investment |
| Cap Rate | 4.19% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 0.79 AC |
| Building Size | 23,052 SF |
| No. Stories | 5 |
| Year Built | 1969 |
| Zoning | RA-3 - Apartment Zone - RA-3 - Apartment Zone |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 466 |
| 1+1 | 27 | - | 666 |
| 2+1 | 3 | - | 941 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Good public transit
60/100
Moderately bikeable
70/100
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Saanich | 250 Gorge Rd W
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