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$1,689,000
Est. payment /mo
9,632 SqFt
UPDATED:
03/06/2025 08:20 PM
Key Details
Property Type Multi-Family
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 9,632 sqft
Price per Sqft $175
MLS® Listing ID A2174449
Style Apartment
Originating Board Central Alberta
Year Built 1978
Annual Tax Amount $11,143
Tax Year 2024
Property Sub-Type Apartment
Property Description
Exceptionally low cash-to-mortgage opportunity! CMHC-financed property with an outstanding balance of approximately $1,573,916. With a $120K down payment, the buyer can assume the mortgage, subject to qualification. WELCOME to this excellent opportunity to invest in a 22-Suite Walk-Up Apartment Complex at The Haven on 54th in Forestburg! This property entails a two building apartment complex which was originally constructed in 1978 and extensively renovated in 2022/23. It originally functioned as a motel and it was fully renovated to accommodate the current use as an apartment complex. The buildings are of wood frame construction and features 12 studio suites, 2 bachelor suites, 7 one-bedroom suites and 1 three-bedroom suite. Site improvements include approximately 22 paved surface parking stalls and landscaping inclusive of lawn and mature trees. The north building is a 2-Storey walk-up apartment building featuring a total of 16 units. The building features 2 levels with each floor containing suites that have direct exterior access, the main level features a laundry room. The front portion of the building features Unit 1, which is the 3 bedroom unit, over a full basement that contains the mechanical/electrical room and storage space. The west building is a single storey building with a total of 6 units. Each of the suites has direct exterior access and a second laundry room. Finishes in the suites consists of a mix of vinyl plank and linoleum flooring and laminate kitchen/bathroom countertops. The majority of the units are supplied with 2 appliances including a stove and fridge. The 6 studio units located in the west building are provided with a small induction cooktop plate and a portable oven. Gas fired boiler providing heat to the suites in the north building. Individual electric heating/cooling units in the west building. Standard 100 amp service. The suites are not individually metered. The plumbing fixtures are standard, 5 hot water tanks for domestic use are in place. The complex features 2 sets of coin operating washers and dryers which generates revenues. Utility expenses are paid by the owner which includes power, heat, water, waste removal, internet and cable TV. The property would be ideal for anyone wanting to live and manage on-site, as there is a 3 bedroom main floor suite with more living space (Unit 1). The name "The Haven on 54th" says it all with a quiet small town, and a massively renovated building that is turn-key! 2024 has been the year to find renters and fill the building, and systems and managment are in place to realize the full potential of the building. The Village of Forestburg is situated in east central Alberta and has developed at the intersection of Highways 53 & 856. The community is situated approx. 195 Km's southeast of the City of Edmonton, approx. 153 Km's to Red Deer and lies 98 Km's south and east of the City of Camrose.
Location
Province AB
County Flagstaff County
Zoning R2
Exterior
Parking Features Parking Lot, Paved, Plug-In
Garage Description Parking Lot, Paved, Plug-In
Total Parking Spaces 22
Building
Story 2
Foundation Poured Concrete
Architectural Style Apartment
Level or Stories Multi Level Unit
Others
Restrictions Pet Restrictions or Board approval Required
Tax ID 56766855
Ownership Private
Pets Allowed Restrictions
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Listed by Realty Experts Group Ltd
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- I met with the realtor Ahmed Arshad through Houseful online agency. He was very polite gentleman who knows his job and in very professional manner he sold our house in three days for very good price. Later he guided us to buy a new house. And he showed us how to be careful about some missing, or bad things in the houses we looked at. It was a very exciting adventure working with Mr Ahmed Arshad and for very short time we found and bought the house were now we live in. Thankful Kiro and Lidija
Kiro Seremetkoski - Definitely will recommend to those who is looking for their new home.Jeric Salazar
- Erica Salazar
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1301 8th Street SW, Calgary, AB, Canada
Selling Real Estate since 2006 helping people move with confidence. My goal is to assist buyers and sellers in making the BEST possible Real Estate decisions by providing relevant knowledge, collaboration, professionalism and a memorable experience.