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Trinity Apartments 380-400 Third St 69 Unit Apartment Building $12,980,000 CAD ($188,116 CAD/Unit) 5.30% Cap Rate Nanaimo, BC V9R 3R5
INVESTMENT HIGHLIGHTS
- Unique Scale
- Tenant Paid Heat
- Strong Fundamentals
- Low Maintenance Building Design
- Suite Mix & Conversion Potential
- Nanaimo Rental Market & Population Growth
EXECUTIVE SUMMARY
The Trinity Apartments complex is comprised of two three-storey buildings situated on a large 1.35-acre site. The “California” style building design offers large studio style suites with individual entrances that appeal to a wide range of tenants that enjoy having their own front door including students attending the nearby Vancouver Island University. This building design offers a low maintenance and cost-effective alternative to traditional buildings as there are no common area hallways and lobbies to heat, maintain or clean.
The Trinity Apartments has undergone a significant transformation under the current ownership with almost all of the suites being fully renovated, new exterior paint (2019) and new on-demand hot water system (2018). One of the units has been converted into an onsite managers office with a modern security system including 39 security cameras positioned around the property. Many of the large studios lend themselves nicely to a conversion opportunity to create junior 1-bedroom suites and the current owner has already completed the conversion of a couple of suites. The studio style suites command market leading price per foot rents and provide good turnover,
ensuring rents keep up with inflation. Approximately 25% upside in mark to market rents.
The Trinity Apartments has undergone a significant transformation under the current ownership with almost all of the suites being fully renovated, new exterior paint (2019) and new on-demand hot water system (2018). One of the units has been converted into an onsite managers office with a modern security system including 39 security cameras positioned around the property. Many of the large studios lend themselves nicely to a conversion opportunity to create junior 1-bedroom suites and the current owner has already completed the conversion of a couple of suites. The studio style suites command market leading price per foot rents and provide good turnover,
ensuring rents keep up with inflation. Approximately 25% upside in mark to market rents.
PROPERTY FACTS
| Price | $12,980,000 CAD | Building Class | B |
| Price Per Unit | $188,116 CAD | Lot Size | 1.35 AC |
| Sale Type | Investment | Building Size | 59,180 SF |
| Cap Rate | 5.30% | Average Occupancy | 96% |
| No. Units | 69 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1989 |
| Property Subtype | Apartment | Parking Ratio | 0.71/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R6 - Townhouse Residential | ||
| Price | $12,980,000 CAD |
| Price Per Unit | $188,116 CAD |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| No. Units | 69 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.35 AC |
| Building Size | 59,180 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1989 |
| Parking Ratio | 0.71/1,000 SF |
| Zoning | R6 - Townhouse Residential |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
SITE AMENITIES
- Property Manager on Site
- Security System
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 68 | - | 400 |
| 1+1 | 2 | - | 500 |
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Walk Score®
Very Walkable (73)
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Trinity Apartments | 380-400 Third St
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