Ambassador Manor Apartments

Multi-Family for Sale
Catylist Listing ID: 30792402
Property Subtypes: Mid-Rise
Number of Units: 72 Units
Building Size (RSF): 52,430 SF
Gross Building Area: See Agent
Gross Land Area: 0.40 Acres
Sale Price: $8,650,000
Unit Price: $120,138.89 Per Unit
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Ambassador Manor Apartments
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 9/23/2022

Overview / Comments

Turnkey Investment Opportunity Significant capital spent over recent years, all major components replaced/refurbished
Near Term Upside based on future RTB registered rent increases
Free and Clear of Debt Opportunity to take advantage of attractive available financing including the potential for the new MLI Select CMHC Program
One-of-a-Kind Beautiful Heritage Building built to last – masonry concrete block and reinforced concrete floor construction

The Offering
CW Stevenson Inc., operating as Cushman & Wakefield | Stevenson (“CWS”), is pleased to offer for sale a 100% freehold interest in “Ambassador Manor Apartments” located at 379 Hargrave Street in Winnipeg, MB, and including the parking lot located at 388 Hargrave Street in Winnipeg, MB (the “Property”), on behalf of McCallum Industrial Park Inc. (the “Vendor”).
The Property, a turnkey investment, originally constructed in 1909 as the “Breadalbane Block”, sits at the corner of Hargrave Street and Cumberland Avenue in downtown Winnipeg. The Property is a wedge-shaped, 5-storey rental apartment building which houses 72-suites surrounding a central courtyard and with access to common open-air balconies on each floor. Reminiscent of a flatiron-style building, the Property is constructed of reinforced concrete and buff brick and has been substantially renovated and restored to allow its remarkable heritage elements to stand out and be noticed. The Property, which is rarely vacant, boasts below market rents and may allow the opportunity for a purchaser to take advantage of CMHC’s new MLI Select program to maximize investment returns.

Additional Details

Nearest MSA: Winnipeg
Market: Winnipeg
Tax ID/APN: 13096139600
Zoning: D
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 5
Year Built: 1909

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