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Midtown Mews Apartments 493 Burnside Rd 24 Unit Apartment Building $7,750,000 CAD ($322,917 CAD/Unit) Victoria, BC V8T 2X6
Investment Highlights
- Opportunity to acquire 100% interest in a mixed-use multifamily asset within Victoria’s Burnside neighborhood
- Located off Burnside Road East and Finlayson Street with excellent connectivity to the Saanich Core and Downtown Victoria
- Three-storey building offers a mix of bachelor, one-bedroom, and two-bedroom units catering to a wide tenant demographic
- Property consists of 24 residential units and 6 ground-floor commercial retail units, providing diversified income streams
- Renovated in 2010, with a majority of residential suites featuring in-suite laundry for enhanced tenant convenience
- Established history of stable rental income with potential for future rental growth, creating a compelling long-term investment opportunity
Executive Summary
Devon Properties is pleased to present a unique opportunity to acquire a 100% interest in Midtown Mews – a prominently located mixed-use multifamily investment offering situated in Victoria’s thriving Burnside neighbourhood. Comprised of 24 residential units and 6 ground-floor commercial retail units, the property benefits from a history of stable rental income. Strategically positioned off Burnside Road East and Finlayson Street, Midtown Mews enjoys strong exposure and connectivity between the Saanich Core and Downtown Victoria. Renovated in 2010, a majority of suites feature in-suite laundry. Spanning three storeys, the building offers a favourable mix of bachelor, one- and two- bedroom units appealing to a diverse and stable tenant base. With strong in-place income and clear potential for future rental growth, Midtown Mews presents a rare opportunity to acquire a stable, income-producing asset.
Property Facts
| Price | $7,750,000 CAD | Building Class | C |
| Price Per Unit | $322,917 CAD | Lot Size | 0.53 AC |
| Sale Type | Investment | Building Size | 27,736 SF |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 0.37/1,000 SF |
| Apartment Style | Low-Rise | No. Drive In / Grade-Level Doors | 4 |
| Zoning | M-2 - Light Industrial District | ||
| Price | $7,750,000 CAD |
| Price Per Unit | $322,917 CAD |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.53 AC |
| Building Size | 27,736 SF |
| No. Stories | 3 |
| Year Built | 1972 |
| Parking Ratio | 0.37/1,000 SF |
| No. Drive In / Grade-Level Doors | 4 |
| Zoning | M-2 - Light Industrial District |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Bicycle Storage
- Elevator
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | - |
| 1+1 | 12 | - | 594 |
| 2+1 | 8 | - | 928 |
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Moderately walkable
70/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
70/100
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Midtown Mews Apartments | 493 Burnside Rd
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