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5614 55 Street, Red Deer, AB - MLS # CA0185838

5614 55, Red Deer, AB T4N 2J6

Quick Summary

Price
$999,900
Type:
Multi-Family
Sub Type:
Low Rise (1-4 Floors)
Title:
5614 55 Street
Possession:
30 Days / Neg
Tax Amount:
10267 / 2018

Lot Summary

Lot Width:
125
Lot Depth:
120
Lot Units:
15000 Sq Ft
Lot Shape:
Standard
Sewer:
Municipal
Water Source:
Municipal

Rental Summary

Number of Units:
12
One Bed Units:
1
Two Bed Units:
11
Annual Operating Expense:
45400
Gross Scheduled Income:
111900
Gross Operating Income:
86172

Building Summary

Year Build:
1963
Construction Material:
Frame - Wood
Foundation Details:
Concrete
Roofing:
Rubber
Flooring:
Carpet,Linoleum
Heating:
Baseboard heaters,Boiler,Make-up Air
Heating Fuel:
Natural Gas
Flooring:
Carpet,Linoleum
Fire Prevention:
Alarm - Automatic,Fire Extinguishers

Building Features

Inclusions:
12- fridges, 12- stoves, 2 commercial washers 2- commercial dryers, storage shed

Parking Features

Parking Total:
20
Features:
110 Volt Wiring,Parking - Extra,Parking - Plug-In,Parking Space(s),Public Parking,Rear Parking,Visitor Parking

Property Description

County / Parish: Red Deer County, Alberta
Zoning: R2

THIS 12 SUITE APARTMENT BUILDING, features 11 (2) Bedroom suites & 1 (1) Bedroom suite. FORECASTED INCOME W/ 10% VACANCY RATE WILL BRING IN OVER $100,000/YEAR IN GROSS INCOME! 3% Net Cap rate, based on asking price. Feb-2019 to Jan-2020 gross income at $86,172.00. 2 commercial coin-op washers & dryers. Expenses have been higher than average over the past several years, due to the many upgrades to suites. NEW CARPET, NEW LINOLEUM, FRESH PAINT IN MANY OF THE SUITES, NEW BATHS & more. Not to mention, Roof just resurfaced w/rubber membrane roofing in November of 2019 ($20,000) 6 units are currently Vacant due to renovation work, but are filling up slowly with new rent rates and longer terms. Strong potential to add to your rental portfolio, situated over 5 lots (125′ wide) with 20+ stalls for parking. Each unit has one designated stall w/ power plug in. Visit REALTORS® website for more details.

Listed By Century 21 Advantage

Walk Score

Financial Summary

Trash Expense:
2900
Electric Expense:
2100
Heating Expense:
4934
Insurance Expense:
5069
Maintenance Expense:
12000
Professional Management Expense:
5416
Other Expense:
65
Net Operating Income:
30465
Gross Operating Income:
86172
Gross Scheduled Income:
111900
Laundry Income:
65
Total Annual Operating Expense:
45400

Agent on Duty


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