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410 Michigan St 7 Unit Apartment Building $2,795,000 CAD ($399,286 CAD/Unit) Victoria, BC V8V 1R5
Investment Highlights
- Seven-unit apartment building with a mix of bachelor, one-bedroom, and two-bedroom units.
- Recent upgrades include double-glazed vinyl windows for improved efficiency.
- Favorable OCP designation (Urban Residential) supports redevelopment potential.
- Located steps from Victoria’s Inner Harbour and James Bay Square amenities.
- Paved parking lot with seven surface stalls and additional covered parking.
- Strong in-place holding income with opportunity to monetize in-building laundry.
Executive Summary
410 Michigan Street presents a rare opportunity to acquire a seven-unit walk-up apartment building in Victoria’s highly desirable James Bay neighborhood. This property offers exceptional proximity to the Inner Harbour and James Bay Square, providing residents with convenient access to grocery stores, pharmacies, parks, and public transit.
The building consists of two two-bedroom units, four one-bedroom units, and one bachelor suite, all with separate hot water tanks and individually metered hydro. Recent upgrades include double-glazed vinyl windows, enhancing energy efficiency and tenant comfort. The property features a paved rear parking lot with seven surface stalls and an additional covered parking structure.
Designated as “Urban Residential” under the City of Victoria’s Official Community Plan, the site offers long-term redevelopment potential for mid-rise, multi-unit buildings up to six storeys with an allowable density of up to 2:1 FSR. This makes 410 Michigan Street an attractive investment for both stable income and future development upside.
The building consists of two two-bedroom units, four one-bedroom units, and one bachelor suite, all with separate hot water tanks and individually metered hydro. Recent upgrades include double-glazed vinyl windows, enhancing energy efficiency and tenant comfort. The property features a paved rear parking lot with seven surface stalls and an additional covered parking structure.
Designated as “Urban Residential” under the City of Victoria’s Official Community Plan, the site offers long-term redevelopment potential for mid-rise, multi-unit buildings up to six storeys with an allowable density of up to 2:1 FSR. This makes 410 Michigan Street an attractive investment for both stable income and future development upside.
Property Facts
| Price | $2,795,000 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $399,286 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| No. Units | 7 | Building Size | 4,960 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1954 |
| Zoning | R3-2 - low- to mid-rise multiple-family residential development, | ||
| Price | $2,795,000 CAD |
| Price Per Unit | $399,286 CAD |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 4,960 SF |
| No. Stories | 2 |
| Year Built | 1954 |
| Zoning | R3-2 - low- to mid-rise multiple-family residential development, |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | - |
1 1
Exceptionally walkable
90/100
Fairly drivable
40/100
Good public transit
60/100
Very bikeable
80/100
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410 Michigan St
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