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North Hill Apartments 971 Market St 33 Unit Apartment Building $10,000,000 CAD ($303,030 CAD/Unit) 4.87% Cap Rate Victoria, BC V8T 4Z3
Investment Highlights
- Prominent corner location within Victoria’s Quadra Village neighbourhood.
- Nineteen residential units have undergone full suite renovations.
- Tenants pay their own heat and hydro, reducing operating expenses.
- Approximately $530,000 invested in capital improvements since 2022.
- Convenient access to Downtown Victoria, Uptown, and Mayfair Shopping Centre.
- Stabilized multifamily asset with additional value-add potential.
Executive Summary
North Hill Apartments presents an opportunity to acquire a 34-unit apartment property, including one office unit, in Victoria’s Quadra Village neighbourhood. Situated on a prominent corner parcel at Market Street and Wark Street, the property benefits from convenient access to Downtown Victoria, Uptown, Hillside Centre, Mayfair Shopping Centre, Royal Jubilee Hospital, and major transportation corridors serving the Capital Regional District. The location provides residents with connectivity to employment, retail, education, healthcare, and recreation amenities throughout the region.
Current ownership has completed significant capital improvements, investing approximately $530,000 since 2022. Upgrades include full renovations to 19 residential units, common area enhancements, landscaping improvements, deck and balcony repairs, lobby modernization, and various building system updates. Renovated suites feature stainless steel appliances and dishwashers, supporting the property's ongoing operational performance and tenant appeal.
The asset consists primarily of one-bedroom and two-bedroom apartments and is offered as a stabilized income-producing investment. Additional value enhancement potential exists through the remaining non-renovated units, allowing future ownership to continue modernization efforts. Tenants are responsible for their own heat and hydro expenses, while the property's existing operational structure provides opportunities for further efficiency improvements. The site also offers long-term land value considerations, with marketing materials indicating potential future redevelopment density subject to municipal approvals and planning requirements.
Current ownership has completed significant capital improvements, investing approximately $530,000 since 2022. Upgrades include full renovations to 19 residential units, common area enhancements, landscaping improvements, deck and balcony repairs, lobby modernization, and various building system updates. Renovated suites feature stainless steel appliances and dishwashers, supporting the property's ongoing operational performance and tenant appeal.
The asset consists primarily of one-bedroom and two-bedroom apartments and is offered as a stabilized income-producing investment. Additional value enhancement potential exists through the remaining non-renovated units, allowing future ownership to continue modernization efforts. Tenants are responsible for their own heat and hydro expenses, while the property's existing operational structure provides opportunities for further efficiency improvements. The site also offers long-term land value considerations, with marketing materials indicating potential future redevelopment density subject to municipal approvals and planning requirements.
Property Facts
| Price | $10,000,000 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $303,030 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.50 AC |
| Cap Rate | 4.87% | Building Size | 26,100 SF |
| No. Units | 33 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 1.65/1,000 SF |
| Zoning | GRD-1 (PGA) - General Res | ||
| Price | $10,000,000 CAD |
| Price Per Unit | $303,030 CAD |
| Sale Type | Investment |
| Cap Rate | 4.87% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.50 AC |
| Building Size | 26,100 SF |
| No. Stories | 4 |
| Year Built | 1976 |
| Parking Ratio | 1.65/1,000 SF |
| Zoning | GRD-1 (PGA) - General Res |
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Very walkable
80/100
Fairly drivable
50/100
Good public transit
70/100
Moderately bikeable
70/100
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North Hill Apartments | 971 Market St
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