260 Lewis Estates Boulevard,Edmonton, AB T5T3Y4
Edmonton, AB T5T3Y4
Description
RARE OPPORTUNITY - PREMIER MULTI-FAMILY INVESTMENT ON LEWIS ESTATES GOLF COURSE!An exceptional opportunity to acquire 28 of 29 residential units in a newer, purpose-built condominium property overlooking the prestigious Lewis Estates Golf Course in west Edmonton. The remaining 29th unit is currently offered separately on the residential MLS®, creating a unique opportunity for investors to acquire 100% ownership of the entire building.A PROPERTY THAT STANDS APART FROM THE COMPETITION! Built in 2008, Village Green II offers exceptionally spacious suites averaging approximately 1,245 sq. ft., significantly larger than typical Edmonton apartment rentals. These desirable two-bedroom and two-bedroom-plus-den floor plans attract mature, established tenants seeking quality, space and long-term accommodation. Historically, investor-owned suites have enjoyed strong rental demand, extended tenancies and waiting lists for vacancies.PREMIUM LOCATION - EFFICIENT OPERATIONS. Situated in the highly desirable Lewis Estates golf course community, residents enjoy beautifully maintained golf course views without the associated landscaping expenses. The buildings relatively compact footprint contributes to lower exterior maintenance costs compared with larger multi-family developments.All suites include heated underground parking, and storage cages, with several offering additional underground or surface stalls that present opportunities for supplementary rental income.SIGNIFICANT OWNERSHIP & OPERATIONAL FLEXIBILITY. Currently structured as a condominium corporation, acquisition of all 29 units would provide investors with the opportunity to retain the existing condominium structure or pursue termination of the corporation and transition to a conventional multi-family rental property, subject to applicable legal requirements. Full ownership would also provide control over the corporations operating and reserve funds, subject to existing obligations, and the ability to implement a consolidated operating and management strategy.COMPELLING INVESTMENT FUNDAMENTALS. A newer building, exceptionally large rental suites, established tenant demand, heated underground parking and a premium golf course location combine to create an attractive long-term investment opportunity with potential for operational efficiencies and revenue optimization.CAP RATE DISCLOSURE: The advertised capitalization rate reflects a projected scenario involving acquisition of all 29 units and termination of the condominium corporation, with operating expenses adjusted accordingly. Actual returns will depend on the final acquisition structure and operating costs.Opportunities to acquire a property of this calibre, size and location are rarely available in Edmontons multi-family investment market. (id:374)
Details
| MLS # | 45774145 |
|---|---|
| Listing Type | For Sale |
| Status | Active |
| Year | 2008 |
| Days On Site | 9 |
| Listing Provided By | Century 21 All Stars Realty Ltd | Clint B. Kilkenny |
Features
| Acreage | 0.72 |
|---|
Interior
| Fireplace Yes / No | No |
|---|
Parking
| Parking Total | 48 |
|---|
Area Information
| Province | AB |
|---|---|
| City | Edmonton |
| Postal Code | T5T3Y4 |
| Listing VS Median (in T5T3Y4) | |
Price: $7,500,000 low | high Med: $270,000 On site: 9 low | high Med: 73 | |
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Learn More About This Property
| Province | AB |
|---|---|
| City | Edmonton |
| Postal Code | T5T3Y4 |
| Listing VS Median (in T5T3Y4) | |
Price: $7,500,000 low | high Med: $270,000 On site: 9 low | high Med: 73 | |
