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Newcastle Apartments

235 Mt Benson Street, Nanaimo
11 suites
Two blocks to the Harbourfront walkway

$1,795,000


Summary

Price
$1,795,000
Units
11
Stories
3
Price/Unit
$163,182
Cap Rate
3.7%
GIM
17.61
Year Built
1960
Lot Size
8,712 SF
Zoning
R8
PID
008-805-016
Tax
$7,616
Operating Cost
(35,533)
Net Operating Income
$66,374

Legal Description

Newcastle Apartments is a well-maintained 11-suite apartment building in one of Vancouver Island’s emerging cities – Nanaimo. Situated on a corner 8,712 SF site, within two blocks to the Harbourfront walkway and adjacent to the Nanaimo Yacht club. With population growth, declining vacancies and increasing pressure on rents, Newcastle Apartments is well-poised to capitalize on the growing demand for rental accommodation.

  • 11-suite three-storey wood-frame apartment building built in 1960
  • Excellent suite mix of 6 one-bedrooms and 5 two-bedrooms—above average in size
  • Features tenant storage lockers, laundry facilities and oak hardwood floors (9 suites)
  • Parking: 11 surface stalls
  • Rent includes heat, hot water and basic cable
  • Ongoing capital upgrades program
  • Situated on a corner 8,712 SF site, within two blocks to the Harbourfront walkway and adjacent to the Nanaimo Yacht club
  • Strategically located at the convergence of Central Nanaimo, the University District and the Old City neighbouhood

 

Upgrades

  • Roof: replaced (Dec 2015)
  • Hot water tank: Rinnai on-demand hot water system (2016)
  • Boiler: replaced (2015)
  • Windows: double-pane vinyl-frame for 10/11 suites (2006-2009)
  • Exterior: stucco coating (Aug 2011)

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