Avison Young is pleased to announce we have been retained to act as exclusive agent in the sale 677 Maryland Street in Winnipeg, Manitoba. Located just minutes from downtown, this character 3-storey apartment features 32 fully renovated suites, on-site parking, and attractive rental economics well below the registered rents. Amenities within walking distance of the property include numerous grocery stores, banks, restaurants, retail outlets and greenspace. In addition, Winnipeg’s Health Sciences Centre is less than one kilometer away offering convenience for residents in need of regular care or employees who want to live in close proximity. High frequency public transit is also readily available in the area with stops conveniently located on Maryland, Sargent, and all major traffic arteries in the immediate area.
With an abundance of conveniences in the area, an investor can have confidence that occupancy will remain high and tenant rollover will be at a minimum.
- Assumable mortgage: With 30 years remaining on this rare CMHC mortgage, and the low interest rate environment, an investor will see huge cash on cash returns on this property. Currently, the mortgage on the property is approximately $2.145M, and is easily assumable for qualified investors.
- Fully renovated in 2013: The owner undertook a renovation program including, but not limited to: New roof membrane, new PVC windows, plumbing upgrades, electrical service and electrical system upgrades, hardwood floor repairs, new flooring in every suite, hallways and common areas, ceiling repairs, new kitchen and bath millwork in every suite. Due to these recent upgrades, R&M expenses should be reduced for a new owner.
- Rental discounts in place allowing for rental increases as tenants renew: The owner has rental discounts in place for all existing leases. Based on average comparable rental rates in the area, there is room for continual rental rate growth.
- Opportunity for property tax reduction.
Available Space17,154 ft²
Located just minutes from downtown
Building Size17,154 ft²