Multi Family Property Sold in Parkdale, Calgary at Xxxx X Avenue Nw

The Bellagio consists of 19 luxury apartments. 1 x 1 bedroom suite with a small den and 1 bath, 16 x spacious, well laid out 2 bedroom, 2 bath and 2 x 3 bedroom, 2 bath suites. All units include in-suite laundry and a full stainless-steel compliment of appliances. Suite sizes vary from the one bedroom with den at 775 sq ft. to the spacious 3 bedroom, two bath units at 1,475 sqft. There are 16 two-bedroom suites, well above Calgary average apartment size, with sizes from 865 to 1425 sqft. (avg. 1,015 sqft). The building also features 25 underground heated parking stalls, a heated driveway, handicap parking, wide hallways, an elevator and an elegant entry that could offer a concierge desk opportunity if the owner chose to provide this service. The proforma income provided is based on rental rates that tenants have accepted and agreed to pay on occupancy with expenses provided at a conservative level generally accepted for a building of this caliber. The Cap Rate expectation for the building is 4.8% This property offers a unique investment opportunity. It will sustain a professional tenant profile with little turnover expected. NAI Q3 2022 Multi-Family Report reported average rents are hitting $257 per sq.ft. Given the quality of this asset, rental rates at the $2.50 per square foot per month ($1,938 - $3,563) plus parking fees at $185 per vehicle are not unrealistic. These rental rates are well within the expectation per sq,ft. per month that this property and location would command. A property of this distinction is a rare find.

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