Address
942 Preston Way Langford, BC
Price
$ 2,350,000
Property Attributes
  • ID#891747
  • TypeCommercial
  • CityLangford
  • AreaLangford
  • NeighbourhoodLa Jacklin
  • Postal CodeV9B 3B9
  • StyleMulti Family
  • Taxes$ 5761
  • Price$ 2,350,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage7900
  • Lot Size0.49 Acres
Listing Provided Courtesy Of:
Team 3000 Realty Ltd
Data Source:
Victoria Real Estate Board (VREB)
Property Description

Original schoolhouse converted 50+ years ago to residential rental building, located in City Centre in Langford's OCP. Currently grosses over $100k/year & consists of 10 units, including six studio/bachelor suites, two 1 bdrm suites, one 2 bdrm suite & one 3 bdrm suite. 2020 gross rent was just over $104k with most suites well under market potential rents. 2020 expenses were just under $33k for a net rental income of $67,613. However, the real value is in the land development potential (see supplements) and applying to municipality for City Centre Zoning outlined in OCP, with the possibility of developing at least 50 units. Building is in good condition, has been well maintained and kept in line with municipal codes, which makes it an excellent holding property while awaiting rezoning approval. The income will help to offset building demolition, or provide a steady income for many years if preferred. Property management contract in place. No laundry facilities. Many long term tenants.

General Features

Commercial Area Western Communities
Commercial Listing Type Building, Land
Construction Materials Stucco
Flooring Mixed
Heating Baseboard, Electric
Parking Total 14
Property SubType Multi Family
Property Type Commercial Sale
Sewer Sewer Connected
Zoning RM-3

Interior Features

Number Of Units In Building 10
Number Of Units In Community 10
Total Units 10

Exterior Features

Building Area Total 7900.00
Building Features Basement, Fire Alarm, Parking, Shopping Nearby, Transit Nearby
Exterior Features Balcony/Deck
Foundation Poured Concrete
Lot Description Cleared, Cul-de-sac, Easy Access, Family-Oriented Neighbourhood, Level, No Through Road, Rectangular Lot, Serviced, Shopping Nearby, Southern Exposure
Lot Size Acres 0.49
Lot Size Square Feet 21214.00
Parking Onsite Yn Yes
Water Source Municipal

Amenities

  • Views
  • New Construction
  • Adult 55+
  • Lease To Own
  • No Strata Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in V9B 3B9

Price
AVG $2.35M
$2.35M
Taxes
AVG $5,761
$5,761
Visits
AVG 14
15
Walkscore
AVG 49
49
Data Provided by Walkscore ® not using MLS data