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421 Vancouver St 12 Unit Apartment Building $3,495,000 CAD ($291,250 CAD/Unit) 5.59% Cap Rate Victoria, BC V8V 3T4
Investment Highlights
- Corner-site location within Victoria’s Fairfield West neighborhood steps from parks, retail, and the waterfront.
- Individually metered units with self-contained heating and hot water for controlled operating costs.
- Self-managed building providing flexibility and cost control opportunities.
- Extensive renovations and updates ensure operational efficiency and compliance with modern standards.
- Eleven of twelve units offer private in-unit laundry and additional tenant amenities including storage and bike facilities.
- Strong renter demand with historically low vacancy supports sustained income stability.
Executive Summary
Located at the highly desirable intersection of Southgate and Vancouver Streets, this meticulously maintained character apartment building stands at the heart of Victoria’s prestigious Fairfield West neighborhood—one of Canada’s most sought-after rental markets. Enjoy immediate proximity to the scenic Dallas Road waterfront, Beacon Hill Park, and the vibrant Cook Street Village, delivering unmatched urban convenience and lifestyle appeal.
Comprising 12 fully updated residential units, this income-generating property combines architectural charm with operational efficiency. Eleven suites feature in-unit laundry, and all units are separately metered for heat and hot water. Tenants benefit from a well-landscaped shared yard, garden areas, secure bike storage, and individual storage lockers. With major renovations and ongoing upgrades completed over the last two decades, investors can leverage a true turn-key asset offering a current market-driven CAP of 5.59% and historically low vacancy.
Positioned in a GRD-1 Apartment Zone on a level corner lot, this asset represents an exceptional opportunity for long-term income stability and appreciation in a market defined by strong rental demand and tight supply. Whether retained as a stable cash-flowing investment or future redevelopment potential, this property aligns seamlessly with long-term portfolio growth objectives.
Comprising 12 fully updated residential units, this income-generating property combines architectural charm with operational efficiency. Eleven suites feature in-unit laundry, and all units are separately metered for heat and hot water. Tenants benefit from a well-landscaped shared yard, garden areas, secure bike storage, and individual storage lockers. With major renovations and ongoing upgrades completed over the last two decades, investors can leverage a true turn-key asset offering a current market-driven CAP of 5.59% and historically low vacancy.
Positioned in a GRD-1 Apartment Zone on a level corner lot, this asset represents an exceptional opportunity for long-term income stability and appreciation in a market defined by strong rental demand and tight supply. Whether retained as a stable cash-flowing investment or future redevelopment potential, this property aligns seamlessly with long-term portfolio growth objectives.
Property Facts
| Price | $3,495,000 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $291,250 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.59% | Building Size | 5,545 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1912 |
| Property Subtype | Apartment | ||
| Zoning | Apartment GRD-1 | ||
| Price | $3,495,000 CAD |
| Price Per Unit | $291,250 CAD |
| Sale Type | Investment |
| Cap Rate | 5.59% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,545 SF |
| No. Stories | 3 |
| Year Built | 1912 |
| Zoning | Apartment GRD-1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | - |
| 1+1 | 9 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Some public transit
50/100
Exceptionally bikeable
90/100
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421 Vancouver St
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