NEW 51 SUITE MULTIFAMILY INVESTMENT OPPORTUNITY IN VICTORIA
“THE WAVERLY”
Completed in 2015
51 STRATA RENTAL HIGH-RISE INVESTMENT
3785 Grainger Rd
In The Municipality of Langford Victoria, BC
Strata Lots 1-51
The Waverly is situated on the north section of the property comprising of approx.1.17 acres. The Waverly was completed and tenanted in 2015.The first phase of a two phase project of two concrete 6 story buildings.The second phase will be located on south side of the site.
Property Legal Description: Strata Lots 1-51 Section 72, Esquimalt District, Plan VIP78662
(PID: 026-266-857)
www.victoriacommercialrealestate.com
Building Suite Mix
12 Mini One’s 463 sq.ft
12 One Bedroom 614 sq.ft.
21 Two Bedroom 807 sq.ft.
6 Three Bedroom 1079 sq.ft.
Total: 51 Strata Rental Units
Zoning:
The subject property is currently zoned C8, Community Town Center Pedestrian Zone, as per the City of Langford Zoning Bylaw 151 Zoned for 90 units
Structural Details
Foundations: Poured reinforced concrete footings and foundations.
Structure: 6 Story building using Insulated concrete form (ICF) construction with concrete & Steel (Hambro Composite) Floor Structure .
Floor Cover: Mixture of carpet tile and vinyl planking.
Ceilings: Assumed painted gypsum board throughout.
Gross Building Area : 41,425 square feet
Heating: All heating is provided by electric baseboard units. Each unit pays own electric
Electrical: 120 amp panel for each unit.
Exterior Walls: Exterior walls are a mixture of concrete and factory finished concrete & galvanized mental
Windows: Vinyl frame double pane low
Roof: Flat with torch-on 5BS Membrane inverted floor system
Appliances: Each unit are equipped with a full size stove and refrigerator plus dishwasher, microwave oven and stacking washer/dryers.
Age, Quality and Condition: The 51-unit rental complex has been constructed with good quality features and finishing (to condominium standards). The units, will have an economic life expectancy possible 300 year lifespan. Construction completed February 2015
E&O
THE WAVERLY PROJECTED NET INCOME MAY/2015
Projected
Revenue
Rents and Other Income $748,224.00
Less 3% Vacancy and bad debt $22,446.72
Total Projected Net Revenue $725,777.28
Projected
Expenses
Advertising $200.00
Insurance, Dues & Licenses $12,087.00
Property Taxes $60,000.00
Credit Checks $500.00
Repairs & Maintenance $32,156.00
Telephone and Utilities $31,822.00
Wages and payroll costs $30,000.00
Total Projected Expenses $166,765.00
Projected
Net rental Income
before debt service = $582,459.00
Valuation:
$582,459.00
4.5 cap
Equals $12,943,533
MARKET PRICE
$12,900,000
E&O
Information contained herein are from sources we believe to be reliable although not guaranteed by RE/MAX Camosun and or Fred Carver.
Financial projections supplied by the owner based on their experience and knowledge of the local current rental market.
Source:
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