- The Center of Effort -

5600 Sqft Commercial Property in Victoria

$1,995,000 - ML# 405407
370 Richmond Ave
Victoria - Vi Fairfield East

This is only a guide. Please verify this information with your mortgage specialist.

Immaculate Purpose built 6 suite Apartment block in sought after Fairfield. The 6 x 1 Bedroom art deco era character suites have all had recent updates including new flooring, updated bathrooms (most suites), paint, fixtures, etc. New 400 amp electrical upgrade, recently insulated walls, newer windows and exterior doors & common area heat pump. New coin-op laundry and 3 detached garages that generate an additional $550 p/m. All suites currently rented well below what the market bears but still generates a gross income of $88,500 including Coin-op Laundry and Garages (Net of $75,358). Plenty of latent value awaits. Located close to shopping, public transit and local beaches. VERY RARE opportunity in this coveted location.

Title:
Freehold 
Transaction Type:
For Sale 
Includes Building:
Yes 
Includes Business:
No 
Includes Land:
Yes 
Sale/Lease Type:
Sale Price 
Possession:
TBA 
Possession Notes:
All M/M Tenancies. 
Taxes:
$6,116.58 (2018) 
Year Built:
1947 
Additional Rent/SqFt:
 
Existing Lease Expiration Date:
 
Business Name:
 
Business Established:
 
Gross Income:
88500 
Net Income:
75358 

Building Details

Building Features:
Balcony(s),Carpet & Lino,Carpet Wall/Wall,Fire Alarm,Floor: Hardwood,Floor: Lino,Intercom System,Laundry Room,Storage Room,Thermal Windows,See Remarks 
Building Type:
Multi-Family 
Accessibility:
 
Construction Foundation:
Concrete Poured,Frame Wood,Windows Thermo 
Exterior Finish:
Stucco 
Exterior Features:
Parking,See Remarks 
Cooling:
Heat Pump 
Heat:
Baseboard,Elec Baseboard,Elec Heat Pump 
Approx. Value of Fixed Equip:
 
Parking Spaces:
 
Stories:

Lot Information

SqFt:
5600 
Acres:
0.13 
Total SqFt:
5400 
Lot:
15 
Lot Shape:
Irreg. 
Lot Features:
Corner,Irrigation Sprinkler(s),Landscaped,Level 
Lot Frontage:
 
Water:
City/Munic. 
Waste:
Sewer 
Parking:
 
Location Features:
Bus Service,Curb & Gutter,See Remarks 

Strata Information

Complex:
 
Managed By:
 
Monthly Assessment:
Shared Amenities:
Bike Storage,Irrigation 

Listed with:

Mike Chubey - Newport Realty Ltd.