11808 58 Street Northwest, Edmonton, AB, T5W 3W7, CA

Montrose Apartments

Asset description

JLL Alberta Multifamily have been retained by the Vendor on an exclusive basis to arrange for the sale of Montrose Apartments, located 11808 – 58 Street NW in Edmonton, Alberta (the “Property”). Montrose Apartments consists of a 2.5-storey wood-frame construction building with six suites and balconies. The Property is comprised of four one-bedroom suites and two two-bedroom suites.

The Property is being offered with an Asking Price of $690,000 ($115,000/suite). The Opportunity can be acquired free and clear of any existing financing. Expressions of interest will be dealt with as received.

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Attributes

Floors

Units

Year built

1970

Land area gross

722 sm

Zoning

RM h 16 - Medium Scale Residential

Asking price

₱27,738,000

Media

Investment highlights

Value-Add Property: There is strong potential to grow the Net Operating Income through in-suite renovations and the mark-to-market of rents in a rising rental rate environment.

Historically Low Vacancy & Turnover: The Property has a history of low vacancy rates, with many of the tenants having been at the Property for over ten years.

Immediate Access to Core Amenities and Arterial Roadways: The Property is located in the Montrose neighbourhood and benefits from the amenities along 118 Avenue, including A&W, FreshCo, Medicine Shoppe Pharmacy, Shoppers Drug Mart, and Dairy Queen. Schools in the area range from elementary schools to post-secondary institutions, including Montrose School, Highlands Junior High, Eastglen High School and Concordia University. There are also several parks and playgrounds nearby, including Montrose Park, Highlands Park, John J. Olinyk Park, Gabby Haas Park, and Floden Park.