Multi Family Property for Sale in West Hillhurst, Calgary at 2004 1 Avenue Nw
Located just a few steps from Kensington Road NW, this well designed building has 10 residential units, (4 two beds, 6 one beds). main floor has two street level retail units fully leased out. Second floor is undeveloped and currently designated as commercial space. It could be developed into 5 more residential units with the same floor plans as the above two floors. there is one elevator and 10 underground parking stalls. lots of street parking and great walk score. Current retail leases are long term and residential units are fully leased. Current Gross Revenue is $357,500 . Current Total costs are $97,500 per year. Current NOI is $260,000. NOI with second floor developed is $370,110 and has a price tag of about $750,000 and requires about 6 months. CAP rate with second floor developed is 5.5%. ($370,110/$6,750,000=5.5%)
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