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