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942 Preston Way
La Jacklin Langford V9B 3B9

$2,510,000
Commercial Sale

SOLD OVER THE ASKING PRICE!
Main Photo: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 1: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 2: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 3: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 4: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 5: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 6: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 7: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 8: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Photo 9: 942 Preston Way in Langford: La Jacklin Multi Family for sale : MLS®# 891747
Status:
Sold
Sold Date:
Mar 31, 2022
Sold Price:
$2,510,000
Sold in:
80 days
Prop. Type:
Commercial Sale
MLS® Num:
891747
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.
Property Type:
Commercial Sale
Type:
Multi Family
Commercial Type:
Building, Land
Lease Type:
Sale Price
Listing General Location:
La Jacklin, Langford
Bathrooms:
- (Full:-/Half:-)
Lot Size:
21,214.147 sq. ft.
Taxes:
$5,761.01 / 2021
Building Features:
Basement, Fire Alarm, Parking, Shopping Nearby, Transit Nearby
Construction:
Stucco
Foundation:
Concrete Perimeter
Number of Storeys:
3
Floor finish:
Mixed
Total Building Area:
7,900 sq. ft.
Commercial Area:
Western Communities
Water supply:
Municipal
Sewer:
Sewer Connected
Heating:
Baseboard, Electric
Fireplace:
No
Pending Date:
Jan 17, 2022
Date Sold:
Mar 31, 2022
Balcony/Deck
Goldstream north past Jacklin Rd, right on Matson Rd and left on Preston Way
Main Level
0
Yes
No
Unrestricted
Assessed:
1205000.0
Assessment year:
2021
Jurisdiction name:
City of Langford
Legal Description:
Lot 9, Plan VIP26876, Section 5, Esquimalt Land District
Zoning:
RM-3
Units in Building:
10
Units in Community:
10
Occupancy:
Tenant
Lot Site Features:
Cleared, Cul-De-Sac, Easy Access, Family-Oriented Neighbourhood, Level, No Through Road, Rectangular Lot, Serviced, Shopping Nearby, Southern Exposure
Parking Features:
On Site
Total Parking Spaces:
14
Road Frontage Type:
Highway
Road Surface Type:
Paved
Total Units:
10
Date Listed:
Jan 10, 2022
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Listed by Team 3000 Realty Ltd, sold on March, 2022
Data was last updated July 6, 2022 at 12:05 PM (UTC)
Blaine Thurlow
Michelle Thurlow

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