423 3 Avenue Northeast, Calgary, AB, T2E 0H7, CA

Bridgeland Apartments

Asset Description

JLL Alberta Multifamily have been retained by the Vendor on an exclusive basis to arrange for the sale of Bridgeland Apartments, located at 423 - 3 Avenue NE, in Calgary, Alberta (the "Property"). Bridgeland Apartments consists of a four-storey concrete construction building containing 10 rental suites. The Property is being offered with an asking price of $2,730,000 ($273,000 per suite). The Property currently has a mortgage that a Purchaser would need to assume. Expressions of interest will be dealt with as received.

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Attributes

Number of units

Building area net

556 m²

Occupancy

100%

Parking spaces

Year built

1980

Zoning

M-C2 Multi Residential – Contextual Medium Profile

Media

Investment Highlights

Strong rental demand - Calgary's rental market is booming with record-breaking activity, low vacancy rates, and surging rents due to interprovincial migration from Toronto and Vancouver.

In 2023, Calgary's vacancy rate reached 1.4%, with two-bedroom apartments averaging $1,695, a 14.3% year-over-year increase, the highest nationwide.

High Quality Property - Bridgeland Apartments is well-maintained, with four renovated units and a fully renovated exterior. The property features new hallway carpets, steel doors, frames, 10 storage units, and 16 balconies across all suites. It boasts a history of high occupancy rates and is currently fully occupied.

Desirable location - Bridgeland Apartments is located in Calgary's desirable Crescent Heights, just north of Downtown and adjacent to Bridgeland/Riverside. The property offers a convenient lifestyle with easy access to public transit, trendy amenities, schools, and green spaces. Nearby attractions include popular eateries, boutique shops, Bridgeland Market, parks, and walking paths along the Bow River.