RIVER APARTMENT BUILDING

Multi-Family for Sale
Catylist Listing ID: 30360543
Property Subtypes: Mid-Rise
Number of Units: 24 Units
Building Size (RSF): 14,262 SF
Gross Land Area: 13,991 SF
Sale Price: $1,495,000
Unit Price: $62,291.67 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/16/2019

Overview / Comments

THIS APARTMENT BUILDING ON THE RED RIVER AT 126 ALFRED HAS BEEN STRIPPED TO THE STUDS AND SOME RENOVATION HAS BEEN DONE. THE BUILDING CONTAINS 24 SUITES ON 4 FLOORS INCLUDING THE BASEMENT.
THE SUITE MIX IS 3 TWO BEDROOMS, 14 REGULAR ONE BEDROOMS, 6 WATERFRONT FACING ONE BEDROOMS AND ONE BACHELOR UNIT.
THE CURRENT SELLER IS SUN MORTGAGE CORPORATION AND THEY HAVE COMPLETED THE RIVER BANK STABILIZATION PROCESS.
140 ALFRED IS A VACANT LOT THAT THAT COULD BE PURCHASED FOR AN ADDITIONAL $140,000 FOR THE PURPOSE OF CREATING PARKING FOR 126 ALFRED. THE SELLER HAS REMOVED THE HOUSE FROM THE SIT AND LEVELED IT TO ALLOW FOR PARKING FOR AT LEAST 10 CARS.
AN APPRAISAL WAS DONE IN 2014 INDICATING THE VALUE OF THE 2 PROPERTIES WOULD BE $4,000,000 ONCE RENOVATIONS IN 126 ALFRED ARE COMPLETE. THE SELLER HAS AN OPTION TO PURCHASE 140 ALFRED. POTENTIAL BUYERS WILL NEED TO DO THEIR OWN DUE DILIGENCE ON THE DOLLAR VALUE OF THE REMAINING RENOVATIONS BUT IT WILL BE IN THE RANGE OF A MILLION DOLLARS.

Additional Details

Nearest MSA: Winnipeg
Market: Winnipeg
Zoning: R2
Property Located Between: MAIN ST AND THE RED RIVER
Total Number of Buildings: 2
Number of Stories: 3
Year Built: 1915
Roof Type: Flat
Construction/Siding: Brick
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Baseboard
Fuel: Electric
Interior Description: UNDER RENOVATION
Zoning Description: RMFM RESIDENTIAL
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LOT 5, PLAN 939, WLTO, TITLE 2666120 LOT 32, PLAN 31521, WLTO, TITLE 2727421

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Contact

Photograph of Listing Agent

Bruce Harvey

RE/MAX professionals
CPIX® Member
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