Redevelopment Opportunity for Sale

Multi-Family for Sale
Catylist Listing ID: 30850731
Property Subtypes: Low-Rise/Garden
Number of Units: 30 Units
Building Size (RSF): 18,336 SF
Gross Land Area: 6,546 SF
Sale Price: $975,000
Unit Price: $32,500 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 9/29/2023

Overview / Comments

On behalf of MNP Ltd. in its capacity as “Receiver” of 5684961 Manitoba Ltd., Avison Young presents this opportunity to purchase a 30-unit multifamily building located in the Spence neighbourhood adjacent to the up-and-coming West Broadway corridor.

The opportunity allows the investor to acquire a multifamily product with significantly higher density than would otherwise be permitted on this site. The area presents consistent demand for affordable rental housing due to its proximity to downtown Winnipeg and the University of Winnipeg allowing for stabilized cash flows and low vacancy for an opportunistic investor. The property presents a mix of 1-bachelor suite, 11 – 1 bedroom suites and 18 – 2-bedroom suites.

As this property will be sold on an ‘as-is where-is basis”, purchasers are required to carry out their due diligence as to viability of re-using the structure; currently, the building does not have power connected. This is the perfect opportunity for experienced developers to bring this property back to life.

Please allow 48-hour notice for tours (flashlights are required). Tours will be conducted Monday-Friday between 10am – 7pm. Sale will be subject to Court approval.

Attachments & Media

Additional Details

Nearest MSA: Winnipeg
Market: Winnipeg
Tax ID/APN: 13050693000
Zoning: R2

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Photograph of Listing Agent

Todd Labelle Personal Real Estate Corporation

Avison Young CPIX® Member
Photograph of Listing Agent

Paul Douglas

Avison Young CPIX® Member
Photograph of Listing Agent

Steven Luk Pat

Avison Young CPIX® Member
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