Bulk Condo Sale - 20 Titles

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30332548
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 20 Units
Building Size (RSF): 12,197 SF
Gross Building Area: See Agent
Gross Land Area: 12,197 SF
Sale Price: $2,450,000
Unit Price: $122,500 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 6/10/2019

Overview / Comments

A rare opportunity to own a character block on the banks of the Assiniboine River overlooking a tree lined River Heights neighbourhood to the South, and the laid back trendy Wolseley neighbourhood to the West. The traditionally low vacancy rates in the area make it attractive for professionals and hospital staff ensuring attractive rental rates and stability.

The Winnipeg Condominium Corporation #74 (WCC 744) Board of Directors has decided to sell their units as a block, as the building requires the following structural work to be completed as per the Crosier Kilgour & Partners Ltd. structural assessment report on the building:
- Piling: $750,000
- Foundation Repair: $150,000
- Waterproofing exterior foundation walls: $100,000
- Exterior wall crack repair and mortar joint repointing: $120,000

The total estimated cost to complete the work is $1,120,000. Prospective buyers will have access to all information available located in a Dropbox folder and are encouraged to seek their own qualified advisors for opinions with respect to financing, renovation estimates, and legal counsel.

Once the investment in the structural stabilization has been completed, the new owner will own a 20 suite apartment block with a superbly located address on the river with beautiful views, on a quiet street across from an elementary school and a short walk to bus, hospital, restaurants, and amenities of the Sherbrook Strip.

Attachments & Media

Additional Details

Nearest MSA: Winnipeg
Market: Winnipeg
Submarket/Township: 5B
Zoning: MF

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Contact

Photograph of Listing Agent

Wes Schollenberg

Avison Young Commercial R.E.(Manitoba)
CPIX® Member
Photograph of Listing Agent

Steven Paulus

Avison Young Commercial R.E.(Manitoba)
CPIX® Member
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