1120 May St Victoria, British Columbia V8V 2S5
$2,288,000
You are invited to this rare opportunity to acquire the jewel at Beacon Hill Park. A 10 suite revenue & character apartment building, 3 blocks to Dallas Rd. Oceanside parks and cycling paths, in the heart of Cook St. Village. Potential bonus density afforded by Schedule G self-contained dwelling units bylaw to optimize your rent roll further. Coveted Legal, Non-Conforming 46% Bonus FSR (Floor Space Ratio) and rentable floor area as compared to R1-B zoning due to a legal Multifamily conversion in 1964. Corrected Current Gross Effective Income >$110,000. 4.7% Cap Rate improved upon gentle stabilization. Rental Upside provides lots of room to grow your yield. CMHC vacancy reports an average of 0.9% for rental configurations in Cook St. Village, always commanding some of the highest rents in Victoria. CMHC reduced DSCR hurdle rate and SRO (Single Room Occupancy) program potentially eligible for easy financing. Professionally managed and meticulously cared for 3 two bedroom & 1 one bedroom self-contained suites plus 6 studio suites with 3 shared three piece washrooms, just steps from Bus routes, the Village amenities, park access and views. New roof in 2018. Cherished in a family portfolio for over 30yrs, this opportunity is now exclusively available to serious investors, alone. Request access to financials with a signed confidentiality agreement; see flyer link attached and request password from listing agent. All measurements to be verified. This one will earn well in any portfolio! Arrange viewings with 72hrs notice for tenants, please. (id:37253)
Property Details
| MLS® Number | 871682 |
| Property Type | Multi-family |
| Neigbourhood | Fairfield West |
| Features | Central Location, Park Setting, Other |
Building
| Constructed Date | 1912 |
| Heating Type | Baseboard Heaters, Hot Water |
| Size Interior | 6582 Sqft |
| Type | Multi-family |
Land
| Acreage | No |
| Size Irregular | 8249 |
| Size Total | 8249 Sqft |
| Size Total Text | 8249 Sqft |
| Zoning Description | Sfd |
| Zoning Type | Unknown |
https://www.realtor.ca/real-estate/23017961/1120-may-st-victoria-fairfield-west
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Victoria Real Estate Board
Royal LePage Coast Capital - Chatterton
April 03 2021 08:23:34
