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Parkside Apartments 635 Bowen Rd 14 Unit Apartment Building $2,328,214 USD ($166,301 USD/Unit) 5.06% Cap Rate Nanaimo, BC V9R 2A1
INVESTMENT HIGHLIGHTS
- Prime half acre lot adjacent to the Bowen Road thoroughfare
- Well-maintained buildings with upgraded suites, fresh paint, new cabinets, updated flooring, and coin laundry
- Resurfaced tarmac parking lot
- Recent capital upgrades including roof, hot water tanks, parking lot, and more
- Upgraded units
- New hot water tanks
EXECUTIVE SUMMARY
High-yield going in cap rate of 5.06% | opportunity to increase yield to more than 6.25% | Avison Young is pleased to present Parkside Apartments, a well-maintained and upgraded 14-unit garden-style complex located at 635 Bowen Road in Nanaimo, BC. Situated on a 22,173 sf corner lot, the Property comprises a 10-unit apartment building and a separate fourplex. Benefiting from ongoing capital upgrades and a highly accessible location just off Bowen Road, Parkside Apartments offers strong repositioning potential and long term upside. This is a compelling value-add opportunity in one of Canada's fastest-growing regions. The property is directly adjacent to Bowen Road, one of Nanaimo's main arteries, offering excellent visibility and accessibility. Residents enjoy close proximity to a wide range of everyday amenities, including grocery stores, pharmacies, restaurants, and retail shops. The nearby Nanaimo Regional General Hospital and several health and wellness clinics further enhance the area's appeal for families, professionals, and retirees. Transportation is seamless, with Bowen Read providing direct access to the Nanaimo Parkway and downtown. Public transit is readily available, and the Hullo Ferry Terminal, which offers fast passenger service to downtown Vancouver, is just a 10-minute drive away.
PROPERTY FACTS
| Price | $2,328,214 USD | Apartment Style | Low-Rise |
| Price Per Unit | $166,301 USD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 5.06% | Building Size | 10,351 SF |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1990 |
| Property Subtype | Apartment | ||
| Zoning | R8 - Medium Density Residential | ||
| Price | $2,328,214 USD |
| Price Per Unit | $166,301 USD |
| Sale Type | Investment |
| Cap Rate | 5.06% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 10,351 SF |
| No. Stories | 2 |
| Year Built | 1990 |
| Zoning | R8 - Medium Density Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Smoke Free
- Walk-Up
- Smoke Detector
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Parkside Apartments | 635 Bowen Rd
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