4813 53 Street, Red Deer, AB, T4N 2E7, CA

Fiftythird Apartments

Asset Description

JLL Alberta Multifamily have been retained by the Vendor on an exclusive basis to arrange for the sale of Fiftythird Apartments, located at 4813 – 53 Street, in Red Deer, Alberta (the “Property”). Fiftythird Apartments is a three-storey wood frame construction building with 12 rental suites. The Property was developed by the current owner in 2014.

The Property is being offered with an asking price of $2,240,000 ($186,667 per suite). The Opportunity can be acquired free and clear of any existing financing. Expressions of interest will be dealt with as received.

For more information, please contact JLL Alberta Multifamily.

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Attributes

Year built

2014

Number of floors

Number of units

Zoning

C-1 City Centre Commercial Zone

Occupancy

100%

Asking price

€1,494,000

Media

Investment Highlights

City of Red Deer - Red Deer has a relatively low cost of living. Housing prices, utilities, and everyday expenses are generally more affordable, making it an attractive option for residents. In addition, Red Deer’s strategic location between Edmonton and Calgary provides business with the ability to reach major North American markets in a single day’s drive. The population of Red Deer increased 3.4% year-over year in 2023, and is expected to continue to grow.

Rental Rate Upside - When compared to similar properties in the area, there is an upside of $316, or 20% available at the Property upon turnovers and renewals.

High Quality Property with Income Stability - Fiftythird Apartments contains 12 two-bedroom suites on three levels. With vaulted ceilings on the third floor, 10’ ceilings throughout, and spacious suites, the Property is one of the nicest rentals in the city.

Secondary Markets - Secondary markets often have lower competition, easier entry into the market, strong rental demand, and often have lower cost of doing business resulting in higher returns for investors.