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Cheviot Manor is strategically located on a quiet, tree lined street, surrounded by other apartment buildings & newer condo development. Near several schools, and existing transit with efficient access to the expanding LRT network to NAIT. The location & suite mix optimizes minimizing vacancy & increasing rental demand & rent rate growth that has been consistent since the current owner purchased the building in March of 2010. The 15 suite, 3 storey walk-up apartment building contains 3 bachelor, 10 one bedroom & 2 two bedroom suites. In above average condition for the 1972 built wood frame building, recent upgrades to the roof in approximately 2005, suites from 2011 to date, & hallway common areas & landscaping in 2015 continue to improve the building. With stabilized market rents NOI would be back to historic $96,303 = 5.1% cap rate on list price.More details
Visionary or renovator needed! Currently the building on this property close to 1950 sq ft requires work however it has a lay-out out for 3 suites (2 bedroom on the main and 2 - 1 beds units upstairs with storage in the basement) Had been getting anywhere from $3000-$4000 per month in rent. Alternatively the building and Oversized Garage could be taken down to accommodate for CB2 Zoning for potentially Apt hotel, Bar/Pub, Cannabis Retail, Equipment rental, Office, Restaurant and much more. Traffic on both sides with optional parking near by. Close proximity to downtown core and walking distance to Royal Alex Hospital. 294.25 SqM Lot 34.2x94.6 Ft with option to buy the lot beside to the South at a discount for both with an additional 31.9 x 95.3 Ft (286.56 SqM)More details