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Capitalize on this standout investment opportunity in downtown Calgary, strategically located on 7th Avenue near the C-Train station. This property, with a 32,000 square foot building including a basement, promises a substantial 30% cap rate facilitated by the CMHC MLI Select Program and is poised for transformation into 88 affordable housing units. This addresses a critical urban housing need and offers considerable social value. We are at the final stage of securing the Development Permit, setting the stage for a swift project start. The property sits on a 12,658 square foot lot in a lively neighborhood filled with dining, shopping, and close to the tranquil Bow River Pathway. The financial viability of the renovation is significantly enhanced by the favorable mortgage insurance terms provided by the CMHC program, which boost cash flows and investment returns. With just a 5% down payment required, investors can expect a rapid return on investment, typically within one year. Priced at $3.8 million, this building is not just a financial asset but a cornerstone in the community's affordable housing strategy.
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Listing information last updated on April 27th, 2024 at 1:38pm MDT.