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Palace Place 397 5th St 39 Unit Apartment Building $23,000,000 CAD ($589,744 CAD/Unit) 3.69% Cap Rate Courtenay, BC V9N 1J9
Executive Summary
A unique opportunity to acquire a brand-new 39-unit rental apartment building with four ground floor commercial units in downtown Courtenay, BC. The property sits on a 13,455 square foot corner lot. The property qualifies for the Courtenay Property Tax Exemption, saving approximately $89,700 annually.
Property Facts
| Price | $23,000,000 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $589,744 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 3.69% | Building Size | 32,667 SF |
| No. Units | 39 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Parking Ratio | 0.92/1,000 SF |
| Zoning | C-1 - Commercial One Zone | ||
| Price | $23,000,000 CAD |
| Price Per Unit | $589,744 CAD |
| Sale Type | Investment |
| Cap Rate | 3.69% |
| No. Units | 39 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.34 AC |
| Building Size | 32,667 SF |
| No. Stories | 4 |
| Year Built | 2024 |
| Parking Ratio | 0.92/1,000 SF |
| Zoning | C-1 - Commercial One Zone |
Amenities
Unit Amenities
- Dishwasher
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Fitness Center
- Maintenance on site
Exceptionally walkable
100/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
70/100
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Palace Place | 397 5th St
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