Parkside Apartments
635 Bowen Road, Nanaimo, BC
FOR SALE
Property Details
- Lot Size 22,185 sf
- Zoning R8 - Medium Density Residential
- Land Use Designation Neighbourhood - Up to 4 storeys
- Year Built 1990
- Storeys 2
- Units 14
- Suite Mix 1-Bed: 5 | 2-Bed: 9
- Stabilized Net Operating Income $153,283 (4.72% cap rate)
- Pricing Guidance $3,250,000 ($232,142 per door)
Opportunity
Avison Young is pleased to present Parkside Apartments, a well-maintained and upgraded 14-unit garden-style complex located at 635 Bowen Road in Nanaimo, BC. Situated on a 22,173 sf corner lot, the Property comprises a 10-unit apartment building and a separate fourplex. Benefiting from ongoing capital upgrades and a highly accessible location just off Bowen Road, Parkside Apartments offers strong repositioning potential and longterm upside. This is a compelling value-add opportunity in one of Canada’s fastest-growing regions.
Investment Highlights
Prime half acre lot adjacent to the Bowen Road thoroughfare
Recent capital upgrades including roof, hot water tanks, parking lot, and more
Potential for rental upside with rents 17% below CMHC rents
Well-maintained buildings with upgraded suites, fresh paint, new cabinets, updated flooring, and coin laundry
