North Hill Apartments

Investment Overview

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.

Investment Highlights

• Ideally situated in Quadra Village with a short commute to Downtown Victoria, Uptown, Hillside & Mayfair Shopping Centres
• Perfectly connected to major transport corridors serving the Capital Regional District
• Held in a bare trust - PTT savings
• Extensive capital improvements and upgrades completed
• Strong rental upside with opportunity to optimize rents to market
• Tenants pay their own heat & hydro, minimizing operating costs
• Hot water is currently provided by the landlord via electric tanks, with an opportunity to replace them with an on-demand natural gas system to reduce operating expenses
• Potential gross buildable area of 52,200 sf, offering compelling long-term land value