northlands
Senior Member
Wicked walkup infill across from the U of A in Windsor Park right along 116th. Looks like an 6 plex I think.
11603 89 Ave NW
11603 89 Ave NW
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- Thread starter Daveography
- Start date
northlands
Senior Member
Another 4plex (plus secondary suite) infill in Glenora, just a half block from Stony Plain Road.
13802 103 Ave NW
13802 103 Ave NW
TAS
Senior Member
Barnaby
Active Member
An 8-plex going up in Glenora is funny to me. It will invite so many poors that are willing to spend $2,000+ in rent!
thommyjo
Senior Member
2000? At over 750k per unit at the above price, these need to be renting at 3k!
Barnaby
Active Member
This building has 8 total units. The estimated average rent per unit comes out to just over $2,000 a month. The basement suites will definitely be in the $1,200-1,500 range. Obviously main floor units will be closer to $2,500-2,800.
edm13
New Member
Yeah you need $4k per unit for this to even start to maybe make sense
Barnaby
Active Member
15.9% gross return if the buyer pays cash and estimated rent per unit of $2,083 is hit.
edm13
New Member
My bad, I read your last one wrong. I meant 4k per unit as in up and down, so $16k for the building. I still don’t see your math though. My quick thoughts were 4,000 would be 48,000 for the year. Knock off 20% as a quick proxy for property tax, insurance, maintenance, vacancy. Then divide that by 775k, and you get a cap rate of about 5%, which is not even that great. Did I miss something?
