Parkdale Multi Family (Commercial) for sale: The Bellagio Apartments 1,2 and 3 Bdrm (Listed 2022-10-20)

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• Property Value$10,400,000
• Property Address3435 5 Avenue NW, The Bellagio Apartments, Calgary, Ab, T2N 0V5, Canada
• TypeMulti Family (Commercial)
• Style19 Suite Luxury Apartment Building
• BasementParkade
• Parking25 indoor
• Year Built2022/23
• Taxes$62,700 estimated

• Bedroom1,2 and 3 Bdrm

Parkdale

3435 5 Avenue NW, The Bellagio Apartments, Calgary, Ab, T2N 0V5, Canada

Description

EXCLUSIVE LISTING.
The Bellagio Apartment property is a newly constructed, purpose built, luxury rental apartment building. The building is in the final stages of completion with occupancy permits expected in June 2023. The Seller has agreed to enter into a sale agreement that will provide the buyer with an operating and occupied asset. They currently have a waiting list of tenant applicants wanting to occupy the units.
The property consists of 19 luxury apartments. 1 x 1 bedroom suite with den and 1 bath, 16 x 2 bedroom, 2 bath and 2 x 3 bedroom, 2 bath units. All units include in-suite laundry and full stainless-steel compliment of appliances. Suite sizes vary from the one bedroom with den at 775 sq ft. to the spacious 3 bedroom, two bath units at 1,475 sqft. There are 16 two-bedroom suites with sizes from 865 to 1425 sqft. (average 1,015 sqft). The building also features 25 underground heated parking stalls, wide hallways, an elevator and an elegant entry that could offer a concierge desk opportunity if the owner chose to provide this service. The proforma income provided is based on rental rates that tenants have accepted and agreed to pay on occupancy with expenses provided at a conservative level generally accepted for a building of this caliber. The Cap Rate expectation for the building is 4.8% This property offers a unique investment opportunity. It will sustain a professional tenant profile with little turnover expected. Rental rates range from $1,938 - $3,563 plus parking fees at $185 per vehicle. A property of this distinction is a rare find.

Features

The Bellagio Apartments are located just two blocks from the Bow River pathway and within walking distance of the Foothills hospital and Tom Baker Cancer center. Just minutes from downtown, Kensington shopping district and Market Mall this well located property allows tenants quick access to a variety of services while providing excellent access to transit and a quick exit to the mountains via the number 1 highway. The building offers luxury living with convenience and a worry free, secure environment.