Esquimalt oceanfront rental community sold for $19.1M

The 85-unit property is situated on a 1.71-acre lot

An oceanfront rental apartment complex in the West Bay neighbourhood of Esquimalt has sold for $19.1 million, Avison Young reports.The 85-unit Dunsmuir House is held in a bare trust, has below market rents, a proven renovation program, low vacancy rate, clean environmental report and is professionally managed. The property sold for approximately$224,705 per unit. The property is located at 831 Dunsmuir Rd., Esquimalt.

Price: $19,100,000
No. of Units: 85
Price/Unit: $224,705
Lot Size: 1.71 acres
Property Type: Multi-family
Zoning: RM-4
2018 B.C. Assessment Value: $19,075,000
Date of Sale: 05/14/2019
City: Esquimalt
Province: B.C.
Name of Brokerage: Avison Young