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

Including apartment buildings and multi-family property for sale in Duncan and the Cowichan Valley, Port Alberni, Esquimalt, Oak Bay, Saanich, Sydney, View Royal, Colwood, Langford, Sooke, Parksville, Qualicum Beach, Courtenay, Comox, Port McNeill and Port Hardy.

Waterfront view from one of the suites at North Shore Manor
View from one of the suites at 30 North Shore Rd Town of Cowichan Lake

13 Suite Waterfront Apartment Building for Sale

Price just reduced from $1,720,000 to $1,620,000. Owner wants to sell! Great investment opportunity! You can own this rare 2 storey apartment building situated on the banks of the pristine Cowichan River with gorgeous water & mountain views.  Originally built as a 400 seat movie theatre, the property was redeveloped with all the necessary building permits in the early 80’s as an apartment building. North Shore Manor has a total of 13 units with a history of little or no  vacancies. The suites generate an annual revenue of over $128,340.00. The cap rate for this lucrative investment works out to be 5.7% at a price per suite of $124,615. Newer carpeting,  updated double glazed windows, newer laminate & tile flooring, countertops & bathtubs are just some of the  updates. The property is zoned C-3 and is only a 25 minute drive from Duncan. Centrally located in town, North Shore Manor is within easy walking distance to shops and services. 

 

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Click screen to view North Shore Manor Common Areas and Entrances
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Click screen to view inside suites at North Shore Manor

Click to view photo gallery of some notable building and property features

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Asking Price now reduced to: $1,620,000

13 suites with 2 studio, 7 one bedrooms and 4 two bedrooms

Tenants pay  for heat, hot water and hydro.

Laundry is owned by building.

Offering a capitalization rate of 5.7% and a corresponding attractive price per suite of $124,615. Above capitalization rate is based on below market rents

North Shore Manor Financials

Rent Roll – September 2020

Suite                                                     Anniversary             Date of last             Date for next rental
Number      Type               Rent             Date                    rent increase           increase notice  
1                  one bdrm      $780        12/01/2018                12/2018                         10/01/2020
2                  one bdrm        640         05/01/2017               05/2017                         10/01/2020
3                  one bdrm        820         05/01/2019               05/2019                         10/01/2020
4                  two bdrm      1010        09/01/2018                09/2018                        10/01/2020
5                  two bdrm        940         04/01/2020                04/2020                        01/01/2021
6                  one bdrm        656         09/01/2015                01/2020                        10/01/2020
7                  one bdrm        780         06/01/2020                06/2020                        03/01/2021
8                  one bdrm        800         09/01/2016                01/2020                       10/01/2020
9                  two bdrm      1200        04/01/2020                 04/2020                       01/01/2021

10                two bdrm     1050        07/01/2019                  07/2019                        10/01/2020
11                one bdrm       720        12/01/2018                  12/2018                         10/01/2020
12                bachelor         543        08/01/2012                  01/2020                         10/01/2020
13                bachelor         561        05/01/2015                  01/2020                         10/01/2020
Total monthly rent $10,500
Total estimated laundry 195
Total monthly income $10,695

Income and Expense Statement

Total annual rent (based on August rents ) $128,340

Expenses:
Insurance                                             8,600
Taxes                                                      9,293
Hydro                                                     2,900
Cleaning common areas                3,100
Repairs/Maintenance                      6,300
Water/garbage                                    5,757

Total Annual Expenses $35,950

Total Annual Net Income $92,390

All tenants are on month to month leases except suites 5,7 and 9 that are on a one year lease that then reverts to month to month
10 of the 13 suites can immediately be served with a three month notice of rent increase at a new owner’s discretion.

 

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