- What A 74-unit apartment complex in Comox traded for $14.2m
- Why The building has a potential NOI of $1.2m
- What next The new owner is All Island Equity
A 74-unit rental complex on Vancouver Island has traded to All Island Equity for $14.2m, Green Street News can reveal.
Macdonald Commercial had the marketing assignment for the property at 2187 Comox Avenue in Comax, known as Seascape. The property was sold by a private seller.
Marketing materials for the building show a net operating income of $739,000, which represents a capitalization rate of about 5.2%. The materials also say the property has a potential for a $1.2m NOI.
Made up of 40 one-bedroom units and 34 two-bedroom units, the building underwent $3m worth of renovations in recent years and is at full occupancy. Potential rates for two-bedroom units peak at $1,800, with one-bedroom units mostly at $1,300.
Seascape sits on nearly 2 acres and is a little over a kilometre from Comox Centre Mall and Marina Park.
Comox is a waterfront city of about 75,000 residents 145 km northwest of downtown Vancouver and 185 km northwest of Victoria.
All Island Equity is a mortgage fund based on Vancouver Island with a portfolio that includes more than 100 mortgages on the Island and in the interior of British Columbia valuing $70m.
