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1124 Fairfield Road

1124 Fairfield Road, Victoria
Multi-family

$1,510,000


Summary

Price
$1,549,000
GIM
14.1
Lot Size
6,270 SF
Units
9
Year Built
1912
Cap Rate
5.2%
Zoning
RK-13
Price/Unit
$172,111
PID
004-053-044; 004-052-943
Sale Price
$1,510,000
Sale Date
5/3/2012

Property Description

This character conversion was built as a single family residence in 1912 and converted to a legal 9-suite apartment in 1977. It offers wonderful curb appeal on a well landscaped corner lot, steps to the Cook St. Village, Dallas Rd. waterfront and Beacon Hill Park in Victoria, BC.

Highlights

  • Built as a single family residence in 1912 and converted to a 9-suite legal apartment with permits in 1977
  • Wonderful curb appeal on a lovely well landscaped corner lot offering gardens and a large grassy area
  • Fairfield is the “Kitsilano of Victoria” commanding good rents & high caliber tenants (never a vacancy)
  • Laundry room with a coin operated commercial Maytag washer/dryer and laundry sink
  • 400 amp electrical system, with all suites having their own meter (except suite 9 which shares the house meter)
  • Common areas and all suites are heated with electric baseboard heaters
  • Fir flooring in all suites except the penthouse (currently covered with carpet or lino)
  • Each suite has a newer apartment-size fridge and stove
  • All kitchens and bathrooms are immaculate, but have not had any renovations for many years other than paint
  • Elevator services including the top floor penthouse unit
  • Wood burning fire place in the penthouse, as well as a fireplace in suite 3 and suite 4 (operational but not used)
  • Parking: 3 off street parking stalls with plenty of free street parking

Upgrades

  • Roof replaced with a 25 year fiberglass shingle roof approx 7 years ago
  • Commercial oil-fired hot water tank was replaced 2 years ago
  • All windows are original for the most part
  • The lobby and interior common area were painted and new carpet added 2 years ago
  • There are 6 exterior decks all of which have been recovered with Duradeck in the last 2 years
  • Most suites have new blinds and have been recently painted

Legal Description

Lot 27 and the Southerly 10 feet of Lot 26, Section 4, Fairfield Farm Estate, Victoria City, Plan 826

Suite Mix

No. Units
Bachelor 2
One Bedroom 6
One Bedroom + Den P/H 1

 

Financial Summary

Financing: Treat as clear title

Assessment 2012

Land: $534,000
Building: $836,000
Total: $1,370,000

Income and Expenses

Gross Income: $108,654
Vacancy: (546)
Effective Gross: $108,654
Operating Expenses: (28,163)
Net Operating Income: $80,491

 

Note: For a current rent roll & expense statement, click here.

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