Gorge Terrace
250 Gorge Road West, Saanich, BC
FOR SALE
Property Overview
- Address 250 Gorge Road W, Saanich, BC
- Lot Size 34,611 sf
- Zoning RA-3 - Apartment Zone
- Net Rentable Area 23,052 sf
- Storeys 3
- Total Units 36
- Sale Structure Held in a bare trust - PTT savings
- Current Stabilized NOI $419,204
- Asking Price $10,000,000 | $277,778 per door | 4.19% cap rate
Opportunity
The Avison Young Multi-Family Team is pleased to present the opportunity to acquire Gorge Terrace, a thoughtfully upgraded and exceptionally maintained 36-suite rental apartment building situated along the established Gorge Road corridor (the “Property”).
The Property sits on a 34,611 sf site and offers a desirable suite mix of studio, one, and two bedroom suites. Current ownership has made significant capital investments of approximately $490,000 since 2021 which includes comprehensive exterior improvements and full interior renovations on sixteen (16) suites.
The Property represents a rare opportunity to acquire an income-generating multi-family asset with significant upside potential in a resilient Vancouver Island market. Gorge Terrace offers the buyer an opportunity to renovate and re-rent twenty (20) suites at market rents.
