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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
- Ideally situated in Quadra Village with a short commute to Downtown Victoria, Uptown, Hillside & Mayfair Shopping Centres
- Held in a bare trust - PTT savings will apply
- Strong rental upside with opportunity to optimize rents to market
- Perfectly connected to major transport corridors serving the Capital Regional District
- Extensive capital improvements and upgrades completed
- Tenants pay their own heat & hydro, minimizing operating costs
Executive Summary
The Avison Young Multi-Family Team is pleased to present the opportunity to acquire North Hill Apartments, a well-maintained 33-unit rental building with one office unit, situated in Victoria’s desirable Quadra Village neighbourhood.
The Property occupies a prominent corner lot at Market Street and Wark Street, totalling 26,100 sf. Current ownership has invested approximately $530,000 in capital improvements since 2022, including full suite renovations on 19 units, common area upgrades featuring new flooring and fresh paint, landscaping enhancements, and deck/balcony repairs.
North Hill Apartments represents a compelling opportunity to acquire a cash-flowing multi-family asset in one of Canada’s strongest rental markets with a value-add opportunity on 14 non-renovated units.
The Property occupies a prominent corner lot at Market Street and Wark Street, totalling 26,100 sf. Current ownership has invested approximately $530,000 in capital improvements since 2022, including full suite renovations on 19 units, common area upgrades featuring new flooring and fresh paint, landscaping enhancements, and deck/balcony repairs.
North Hill Apartments represents a compelling opportunity to acquire a cash-flowing multi-family asset in one of Canada’s strongest rental markets with a value-add opportunity on 14 non-renovated units.
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 | 1977 |
| 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 | 1977 |
| 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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