28-30 E NORTH SHORE ROAD

Just reduced from $1,720,000 to $1,620,000. Owner wants it sold! Great investment opportunity - See financials in supplements. Also make sure to view virtual tour. You can own this rare 2 storey apartment building situated on the banks of the pristine Cowichan River with gorgeous water & mountain views. Originally built as a 400 seat movie theatre, the property was redeveloped with all the necessary building permits in the early 80's as an apartment building. A total of 13 units with a history of little or no vacancies generate a gross revenue of $128,340. The cap rate for this lucrative investment works out to be 5.75% at a price of $124,615 per suite. The suite mix is 2 studio, 7 one bedroom & 4 two bedrooms. Updated bathrooms, newer carpeting, updated windows, laminate & tile flooring & newer countertops & faucets in the apartments are just some of the many updates. There are 14 parking spaces on site. The property is zoned & is centrally located in town. (id:20270)

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