Newly Reduced Price - 519 Burnell Street (Multifamily Opportunity)

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30436349
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 80 Units
Building Size (RSF): 67,524 SF
Gross Land Area: 28,000 SF
Sale Price: $6,400,000
Unit Price: $80,000 Per Unit
Property Use Type: Investment
Building Name: Thelmo Mansions
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 9/29/2020

Overview / Comments


Colliers National Investment Services in Winnipeg is pleased to announce the offering of Thelmo Mansions at 519 Burnell Street on behalf of Grant Thornton Limited acting solely in its capacity as court-appointed Receiver and manager of the registered owner, 5448124 Manitoba Ltd. 519 Burnell Street is a character multi-residential investment property featuring 80 suites located in an affordable urban and culturally rich West End neighbourhood.

• Well positioned character multi-family building situated only five minutes from The University of Winnipeg, Health Sciences Centre, and CF Polo Park.

• Stabilized and near fully leased apartment building with a portion of modernized suites having newer windows, roof, and mechanical systems along with upside rental rate potential by way of continued reinvestment in the building features, suites, and amenities.

• Solid wood and masonry construction with an attractive suite mix and a favourable distribution of one-bedroom (70% of total) and two-bedroom suites (28% of total) ranging in size from approximately 650 to 900 square feet.

• Elimination of existing rental discounts offers prospective investors an efficient and legal means of above market revenue growth.

• Approximately 20 on-site surface parking stalls as well as abundant street level parking is available.

• Available well below replacement cost and offered clear of financing and management encumbrances.

Offered for sale at a reduced price $6,400,000 ($80,000 per suite) with all offers to be submitted to Colliers International and considered as received. For more information, please contact Colliers at 204-943-1600 or click on the brochure below.

Additional Details

Nearest MSA: Winnipeg
Market: Winnipeg
Submarket/Township: 5C
Tax ID/APN: 13030432100

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Photograph of Listing Agent

Donald White

Colliers International - Don White
CPIX® Member
Photograph of Listing Agent

Clarise Mare

Colliers International
CPIX® Member
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