An excellent opportunity to acquire a turn-key 32-unit apartment building that underwent a full-scale renovation in 2019. The suites offer balconies and in-suite laundry. Each unit is separately metered and tenants pay 100% of their own utilities. Many units offer views towards Nanaimo Harbour and Gabriola Island.
Along with the building offering, prospective Purchasers will have the opportunity to assume favourable CMHC financing.
Built in 1976 and completely renovated in 2019, this three-storey building features 32 residential rental suites. Parking is provided behind the building.
The suite breakdown is as:
31 x 1 bedroom | 1 x bachelor
The suites have been completely renovated and feature new kitchens, bathrooms, and flooring. Each suite also includes a washer-dryer combo. The windows and doors have all been replaced, and the lobby along with other common areas have also been renovated. The roof is approximately seven years old. The building contains one elevator, which ownership has consistently maintained throughout ownership tenure. Tenants pay for heat and hot water, resulting in very low utility costs for the owner.
Here is your chance to own a completely renovated turn key rental building in a fast-growing market!
The subject property is located along Victoria Road, one block up from HWY 1. The site is conveniently situated less than a five minutes’ drive and a 15-minute walk to Downtown Nanaimo. The Departure Bay ferry terminal is a 10-minutes’ drive away, and the Duke Point ferry terminal is less than 15-minutes away by car.