Well maintained 3-storey 24 suite apartment building located in a desirable and convenient location across from the Michener Recreational Center. All Tenants are on 1-year leases with various expiry dates except for 2 long-term Tenants and 1 vacant 2-bedroom suite to be fully renovated. There are five 2-bedroom suites, eighteen 1-bedroom suites and 1 bachelor suite. Each of the 1 and 2-bedroom units have a storage room, living room, entrance/hallway closet, 4-piece bathroom, kitchen and dinning area. All 2nd and 3rd floor units have a sliding door to a balcony. Over the past 7 years complete renovations including vinyl plank flooring, all new appliances including the addition of dishwashers, painting, new bathroom and kitchen cabinets and counter tops, room and closet doors, all moldings and casings, electrical fixtures and plumbing fixtures have been completed to two of the 2-bedrooms, fourteen of the 1-bedrooms and the bachelor suite. A 2-bedroom apartment will be vacated and full renovations started October 1, 2024. Partial renovations have been made to two of the 2-bedrooms and three of the 1-bedroom suites. There are two units left to renovate, which will provide a potential increase in rental revenue for the building. Additional renovations and updates to the common hallways and stairwells include new carpet/flooring, painting, reflective window film, LED lighting, new make-up air unit with air conditioning and a video security system with cameras at all entrances/exits, parking lot, the common hallways and stairwells. There is a common laundry room on the 1st/ground floor with 2 new token operated washers and gas dryers. Parking lot is paved and each suite has its own designated parking spot. There are 9 visitor parking spots as well as lots of available street parking. There is a live-in caretaker who looks after cleaning common hallways and stairwells, lawn cutting and snow removal and is remunerated with a rent reduction of $450.00.
Address
101 - 308, 3815 51A Street
List Price
$3,780,000
Property Type
Multi-Family
Type of Dwelling
Apartment
Area
Red Deer
Sub-Area
Michener Hill
Floor Area
6,180 Sq. Ft.
Lot Size
30056 Sq. Ft.
Year Built
1976
MLS® Number
A2172536
Listing Brokerage
Century 21 Maximum
Postal Code
T4P 1H4
Zoning
R3