Rock Bay Motel to Apartment Conversion Transaction

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2828 Rock Bay Ave, a newly restored low-rise multi-family building in the Gorge neighbourhood sold this month. Formerly a Traveller’s Inn this property fell under the City of Victoria’s motel conversion zone. Previously run down and in decline, this property was attracting miscreants until Ian Laing had a vision to revitalize the area. The Vendor, Laing Properties, invested 1.5 years and $1.5M converting it into refreshed apartment units.

The restored and successfully operating property transacted to a new passive income seeking investor on November 4, 2016.

Site Overview

  • 55 rental suites
  • 28 surface parking stalls on paved lot
  • 100% occupancy
  • Complete renovation in 2013
  • 21,578 corner lot
Type # Units Avg. Rent
Studio 22 $734
Bachelor 29 $688
One Bedroom 4 $875
Total 55 $720

Recent Sale / Transaction Data:

Sale Price: $6,600,000
NOI: $357,058
CAP: 5.4%
Price/door: $126,923

Vendor: Ian Laing Properties 
Buyer: 0870992 B.C. LTD.
Brokers: CBRE Limited

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