NAIVIC-logo720x148png

 Apartment Buildings for Sale in Victoria, Nanaimo, Campbell River and Vancouver Island that Sold in 2017

 

The following shows sales of apartment buildings for sale that sold in Victoria and across Vancouver Island starting from January 1, 2017. The sales information is updated each month and is provided to you compliments of Andre Beauregard. Thinking of buying or selling an apartment building? Provide your information below.

The following research and information is provided compliments of Andre. The list shows apartment building sales in Victoria, Greater Victoria, Duncan, Nanaimo, Parksville, Courtenay, Port Alberni, Campbell River, Port Mcneill and Port Hardy. Sales are for the period beginning January 1, 2017. 

The tables show the following variables for apartment building sales in : sale date, building name, address, city, year built, total number of suites, sale price, price per suite and capitalization rate. Note that these sales may not include share transfer sales or other sales where the number of units or price is not verifiable. Sales of smaller multi-family investment property of  10 units or less may also not be included.

 

Interpretation of the Sales Data of Multi-family Buildings for Sale that Sold Across Vancouver Island

Price per suite is a rough indicator of value. For example, two 20 suite apartment buildings built in the same year and located on the same block both sold in the same month for $100,000 per suite or $2,000,000 each. However, one building had a suite mix of all two bedrooms and the other a suite mix of all bachelor suites. Knowing the suite mix of each building , it is now clear that the buyer of the 20 suite building with a mix of all two bedroom units received more value than the buyer of the other building. 

To provide clarity and a more accurate comparison of value, the sales data calculates a room count for each building. Given the suite mix of the building, bachelor suites are assigned a count of 2.5 times the number of bachelor suites in the building, one bedrooms - 3.5, two bedrooms 4.5 and three bedrooms -4.5. The purchase price is then divided by the total number of rooms to provide a sale price per room. The sale price per room is then multiplied by 3.5 ( the number of rooms in a one bedroom suite ) to provide the price the purchaser would have paid per suite had the suite mix been all one bedroom units. This measure of value helps to compare sale prices to one another and to determine market value. More accuracy is obtained when also looking at capitalization rates together with price per room.

Using the two buildings described above the building with all bachelor suites at a selling price of $2,000,000 would have a room count of (20X2.5) 50 , a room price of ($2,000,000 by 50) $40,000 and an equivalent one bedroom price of ($40,000 X 3.5) $140,000. The building with all two bedrooms at a selling price of $2,000,000 would have a room count of  (20X4.5) 90 , a room price of  $22,222 and an equivalent one bedroom price of  ($22,222 X 3.5) $77,777 

The buyer of the building with all bachelor suites paid nearly twice as much per room then the other buyer. Using the price per suite by itself  ( $100,000 ) would not have shown this value as both buildings sold for $100,000 per suite. On a per suite basis, the owner of the building with all bachelor suites paid the equivalent of $140,000 per one bedroom suite compared to the owner of the building with all two bedroom suites who paid the equivalent of only $77,000 per one bedroom suite. 

 

Victoria Apartment Buildings for Sale that Sold 


Sale Date

Building Name and Address

City

Year Built

# of Suites

# of Rooms

Sale Price

$ per Suite

$ per Room

Equivalent $ per One Bdrm Suite

Cap Rate

 01/2017 

Stanley

340 Linden Ave

Victoria

1914

16

2,375,000

148,437

 -

3.5 

 01/2017

 Pacific Villa

741 Admirals Rd

Esquimalt

1963

12

59 

1,925,000

160,416

32,627  114,194 

5.04

02/2017

 Dunsmuir Royal

801 Esquimalt Rd

Esquimalt

1972

32

 112

4,800,000

150,000

42,857  150,000 

4.2

02/2017

 Gorge View Court

630 Gorge Rd

Esquimalt

1953

19 Townhouse

 -

2,800,000

147,368

 -  -

 

02/2017

 Catherine Court

992 Gorge Rd

Esquimalt

1945

21 Townhouse  - 3,200,000 152,380  -  
02/2017

 Berwick Manor

40 Boyd St

Victoria

1964

20  79 4,300,000 215,000  54,430 190,505  3.9
03/2017

Belgrove 

1505 Belcher Ave

Victoria

1965

33  - 5,864,400 177,709  - 3.92 
03/2017

 Royal Arms

1300 Yates St

Victoria

1966

76 257  13,184,800 173,484 51,302  179,559  3.9
03/2017

 Wedgewood Terrace

1655 Chambers St

Victoria

1964

60  229 10,638,000 177,300 46,454   162,589 4.03
03/2017 1075 Goldstream Ave 

Langford

1968

22 3,369,639 153,165  -  
04/2017

 Viceroy Apartments

1009 Fairfield Rd

Victoria

1960

18  64 3,075,000 170,833  48,046 168,164  2.9
04/2017

Roberts Manor

2433 Malaview Ave

Sidney

1978

60  238 12,980,000 216,333  54,537 190,882  4.35
04/2017

 Rockmeare Manor

1144 Rockland Ave

Victoria

1972

45  - 9,538,197 211,959  -  -  4.63

04/2017 

Albion Court

45 Boyd St

Victoria

1972

71  263.5 13,611,802 191,715  51,657 180,801  4.2

05/2017 

Newport Apartments

2314 Oak Bay Ave

Victoria

1965

25  - 6,000,000 240,000   -  - 3.22 

 05/2017

Craig Carrie

860 Carrie St

Esquimalt

1971

15  - 2,020,000 134,666  -  

06/2017

Thornwood Manor

1028 Inverness Rd

Saanich

1978

13  46.5 3,335,000 256,538  71,720 251,021   

06/2017

 Takitian Apts

575 Vancouver St

Victoria

1963

16  56 3,175,000 198,437  56,696  198,437  

07/2017

Michealangelo

1158 Yates St

Victoria

1963

17  - 4,872,000 286,588  

08/2017

Development Site

1075 Goldstream Ave

Langford

1968

22  - 4,043,600 183,800  

08/2017

The Coach House

1255 Grant St

Victoria

1965

25  76.5 3,880,000 155,200  50,718 177,516  2.9

09/2017

Pacific Shores

2181 Haultain St

Oak Bay

1955

39  164.5 8,450,000 216,666 51,367  179,787  4

09/2017

The Clive

1510 Clive Drive

Oak Bay

2015

17 66.5  9,185,000 540,294  138,120  483,421  

Duncan Apartment Buildings for Sale that Sold 

Sale Date Building Name and Address Age # Suites # of Rooms Sale Price $ per Suite $ per Room Equivalent $ per One Bdrm Suite Cap Rate

 

04/2017

Crestwood Townhomes

1094 Marchmont Rd

1976 29 Townhouses 159.5 3,350,000 115,517 21,003 73,510 5.7

09/2017

Westwind Manor

2548 Lewis St

1996 51 210.5 5,196,332 101,888 24,685 86,397  

09/2017

Holly House

2551 Alexander St

1990 43 174.5 4,323,483 100,546 24,776 86,716  
 

Cowichan ValleyApartment Buildings for Sale that Sold 

Sale Date

Building Name and Address

City

Age

# Suites

# of Rooms

Sale Price

$ per Suite

$ per Room

Equivalent $ per One Bdrm Suite

Cap Rate

01/2017

The Convent School

210 Buller St

Ladysmith

1910 Reno

11

41.5

1,235,000

112,272

29,759

104,156

 

Nanaimo Apartment Buildings for Sale that Sold

Sale Date

Building Name and Address

Age # of Suites  # of Rooms Sale Price $ per Suite $ per Room

Equivalent $ per  One Bdrm Suite 

Cap Rate
 03/2017

DeBaren Apts

2550 Departure Bay Rd

1968   58 227  6,843,400 117,989  30,143 105,514  4.7
 03/2017

     Harborview Manor

275 Nicol St 

2012   45  167.5 5,674,000  126,088  33,874  118,561  
05/2017

King Arthurs Court

564 5 St

1967 36  177 3,350,000 93,055 18,926 66,242   

05/2017

 531 Selby St 1969 12  40 955,000 79,583 23,875 83,562   

09/2017

Arbutus Gardens

655 Poplar St

1972 55 204.5 8,500,000 154,545 41,564 145,476 4.5
 

Comox Apartment Buildings for Sale that Sold

Sale Date Building Name and Address Age # of Suites Equivalent # One Bdrm Suites Sale Price $ per Suite Equivalent $ per One Bdrm Suite Cap Rate
01/2017 488 Pritchard Rd  1962 7   800,000 114,285    

05/2017

Glenshee

1800 Comox Ave

1972 25   3,734,256 149,369 N/A  

05/2017

Edgewater

355 Anderton Ave

1976 24   2,871,916 119,663 N/A  

05/2017

1600 Comox Ave  1981 68   10,761,619 158,259 N/A  

05/2017

Sandpiper North 1650A Comox Ave 1981 15   2,277,158 151,810 N/A  

05/2017

Sandpiper South

1650 Comox Ave

1963 16   2,322,268 145,141 N/A  
 

Courtenay Apartment Buildings for Sale that Sold  

Sale Date Building Name and Address Age # of Suites Equivalent # One Bdrm Suites Sale Price $ per Suite Equivalent $ per One Bdrm Suite Cap Rate
04/2017

Bluejay

450 19 St

1964 17   $1,175,000 $69,117 N/A   

05/2017

Hycroft

1835 Cliffe Ave

1976 33   $3,968,581 $120,260  N/A  
 

Port Alberni Apartment Buildings for Sale that Sold 

Sale Date Building Name and Address Age # of Suites

# of Rooms

Sale Price $ per Suite $ per Room

Equivalent $ per 1 Bdrm Suite

Cap Rate
01/2017

Highview

3625 14 Ave 

  11 35.5 585,000 53,181 16,478 57,676  

 

02/2017

3687 15 Ave  1966 8 31 630,000 78.750 20,322 71,129  
05/2017

Heritage Garden 

4506 Argyle St

1944 12 47 775,000 64,583 16,489 57,712 8%
 

 Campbell River Apartment Buildings for Sale that Sold 

    Sale      Date

Building Name and Address Age

# of Suites

 # of Rooms

Sale Price

$ per Suite $ per Room Equivalent $ per One Bdrm Suite

Cap Rate

01/2017

323 Dogwood St  1970

12 townhouses

51

1,040,000

86,666 20,392 71,372

6.5

03/2017

Discovery Village

275 1st Ave

  65 296.5 5,817,500 89,500 19,620 68,672  
 03/2017

Scenic View Manor 

710 Dogwood St

 1973  48 179.5 4,296,000  89,500  23,933 83,766  
03/2017 

Park Place 

680 4th Ave

 1975  29 111.5 1,575,720  54,335  14,125 49,439  
03/2017

Highland Manor

644 4 Ave

1975 22 87 1,198,780 54,490 13,779 48,226  
03/2017

Scenic View 

621 7 Ave

1972 15 58.5 1,342,500 89,500 22,948 80,320  
 

Port Hardy Apartment Buildings for Sale that Sold

 
Sale Date Building Name and Address Age # of Suites # of Rooms Sale Price $ per Suite  $ per  Room Equivalent $ per One Bdrm Suite Cap Rate
01/2017

Lindsay Manor

7220 Highview Rd

 1980 56 254 1,708,000 30,500 7,557 26,451