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521 22 Avenue Sw Calgary, Alberta T2S 0H5

2124 sqft
Forced Air

$1,297,000

Prime Investment Opportunity with a 7% Cap Rate in the Mission / Cliff Bungalow District of Central SW Calgary -Moments from Starbucks and the Dynamic 4th Street Scene! Seize the chance to own a remarkable investment on a prime 37'x120' lot within Calgary's coveted Mission district. This well-maintained 5-plex, standing proudly on a scenic, tree-lined street, blends the vibrancy of urban living with the enchanting allure of its early 1900s origins. Skillfully converted into five illegal suites (four 1-bedroom and one 2-bedroom), this two-story building captivates with each unit's unique character, enhanced by modern amenities including a complete set of appliances (five refrigerators, five stoves, one dishwasher, and one combination washer/dryer, two washers & 1 dryer). Recent renovations underscore the property’s commitment to quality and comfort, with new shingles installed in 2021 and the bathrooms in suites #1 and #2 completely remodeled in 2022, offering a contemporary living experience. Strategically situated, the property grants unbeatable access to the lively corridors of 17th Avenue and 4th Street SW, renowned for their rich assortment of dining, nightlife, and boutique shopping. It's a haven for those who thrive on an active lifestyle, with the MNP Community & Sport Centre and picturesque bike paths along the Elbow River just a stone's throw away. The convenience of biking or taking transit to downtown Calgary adds to this investment's allure. Four of the five illegal suites have been operating as lucrative Airbnb short-term rentals, a testament to their consistent demand and the property's income-generating prowess. Currently, only 1 is operating as an AirBnB with the balance on long-term leases. In addition, four parking spaces at the rear enhance its attractiveness andfunctionality. (This purchase price includes all the furnishings in 4 of the 5 suites. You are ready for business!) Whether your goal is to bolster your rental portfolio with a property boasting a solid revenue history and recent upgrades or to explore future development possibilities on this versatile lot — be it constructing your dream home or a new multifamily unit — this opportunity is ripe with potential. Invest in a locale that offers both growth and a lifestyle that's hard to match. (id:37074)

Property Details

MLS® Number A2118519
Property Type Multi-family
Neigbourhood Cliff Bungalow
Community Name Cliff Bungalow
Parking Space Total 4
Plan 4453l
Road Type Paved Road

Building

Constructed Date 1911
Construction Material Wood Frame
Exterior Finish Metal
Foundation Type Poured Concrete
Heating Fuel Natural Gas
Heating Type Forced Air
Size Exterior 2124 Sqft
Size Interior 2124 Sqft
Total Finished Area 2124 Sqft
Type Multi-family

Land

Acreage No
Size Depth 36.59 M
Size Frontage 11.42 M
Size Irregular 4553.00
Size Total 4553 Sqft|4,051 - 7,250 Sqft
Size Total Text 4553 Sqft|4,051 - 7,250 Sqft
Zoning Description M-cg D111