Price: $3,520,000
No. of Units: 44
Price/Unit: $80,000
Property Type: Multi-family
Date of Sale: 12/05/16
Zoning: RA8
City: Edmonton
Province: Alberta
Name of Brokerage: The National Apartment Group, CBRE Limited Edmonton
Two apartment complexes in Edmonton sold for $1,760,000 each, CBRE’s National Apartment Group tells Western Investor.
Admiral House and Bruce Manor apartment buildings each feature 22 units and are experiencing higher than market vacancies. Edmonton’s current rental vacancy rate is 7.1 per cent as of October 2016. The per-unit price for this sale was a modest $80,000. Both properties have a net operating income of over $200,000 per year.
Admiral House is located in the Central McDougall neighbourhood, at 10741 108 St. Bruce Manor is located in the Queen Mary Park neighbourhood, at 10625 113 St., Edmonton.
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