Log In/Sign Up
Your email has been sent.
971 Market St 34 Unit Apartment Building $10,000,000 CAD ($294,118 CAD/Unit) 4.87% Cap Rate Victoria, BC V8T 4Z3
Investment Highlights
- Strategically located in Quadra Village with convenient access to Downtown Victoria and major retail center
- Tenants pay their own heat and hydro, reducing ongoing operating costs.
- Potential redevelopment upside with a buildable area estimated at 52,200 SF.
- Recently completed $530K in capital improvements, including full-suite renovations in 19 units.
- Easy access to major transit corridors serving the Capital Regional District.
- Rent optimization opportunity to align with market rates for enhanced income growth.
Executive Summary
North Hill Apartments presents an attractive investment opportunity to acquire a well-maintained 34-unit rental apartment property situated on a 26,100 SF corner lot in Victoria’s desirable Quadra Village neighborhood. The asset offers a diversity of one- and two-bedroom suites, with recent capital improvements totaling approximately $530,000 since 2022, including full-suite renovations in 19 units, lobby enhancements, landscaping improvements, and modernized building systems. Additional operational efficiencies are achievable with the planned conversion of existing electric water tanks to an on-demand natural gas system.
The property offers long-term upside with the potential for rent increases through optimization to market levels and the ability to capitalize on one of Canada’s strongest rental markets. Positioned within walking distance to retail, dining, and transit, this community benefits from exceptional connectivity to Downtown Victoria, Uptown Mall, Hillside Shopping Centre, and major employment hubs. With a projected gross buildable area of 52,200 SF and strong fundamentals, this asset combines stable cash flow with future redevelopment potential, making it a compelling addition to any investment portfolio.
The property offers long-term upside with the potential for rent increases through optimization to market levels and the ability to capitalize on one of Canada’s strongest rental markets. Positioned within walking distance to retail, dining, and transit, this community benefits from exceptional connectivity to Downtown Victoria, Uptown Mall, Hillside Shopping Centre, and major employment hubs. With a projected gross buildable area of 52,200 SF and strong fundamentals, this asset combines stable cash flow with future redevelopment potential, making it a compelling addition to any investment portfolio.
Property Facts
| Price | $10,000,000 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $294,118 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.60 AC |
| Cap Rate | 4.87% | Building Size | 26,100 SF |
| No. Units | 34 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 1.57/1,000 SF |
| Zoning | R3-2 | ||
| Price | $10,000,000 CAD |
| Price Per Unit | $294,118 CAD |
| Sale Type | Investment |
| Cap Rate | 4.87% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.60 AC |
| Building Size | 26,100 SF |
| No. Stories | 4 |
| Year Built | 1976 |
| Parking Ratio | 1.57/1,000 SF |
| Zoning | R3-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 18 | - | 700 |
| 2+1 | 15 | - | - |
1 1
Very walkable
80/100
Fairly drivable
50/100
Good public transit
70/100
Moderately bikeable
70/100
1 of 4
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
971 Market St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.