North Hill Apartments
971 Market Street, Victoria, BC
FOR SALE
Property Overview
- Address 971 Market Street, Victoria, BC
- Lot Size 26,100 sf
- Zoning GRD-1 (PGA) - General Residential District
- Net Rentable Area 24,344 sf
- Year Built 1977
- Storeys 4
- Units 33 (plus one office unit)
- Parking 43 total stalls
- Estimated Equity Requirement $1,684,000 (18%)
- MAS Debt (5 Year CMHC Standard) $7,566,000 (82%)
- Sale Structure Held in a bare trust - PTT savings
- Stabilized Net Operating Income $481,342
- Price Per Unit $272,059 | $380 per sf (includes the office unit)
- Asking Price $9,250,000 | 5.20% cap rate
Opportunity
The Avison Young Multi-Family Team is pleased to present the opportunity to acquire North Hill Apartments, a well-maintained 33-unit rental building with one office unit, situated in Victoria’s desirable Quadra Village neighbourhood (the “Property”).
The Property occupies a prominent corner lot at Market Street and Wark Street, totalling 26,100 sf. Current ownership has invested approximately $530,000 in capital improvements since 2022, including full suite renovations on 19 units, common area upgrades featuring new flooring and fresh paint, landscaping enhancements, and deck/balcony repairs.
North Hill Apartments represents a compelling opportunity to acquire a cash-flowing multi-family asset in one of Canada’s strongest rental markets with a value-add opportunity on 14 non-renovated units.
