Property Information:
Visit the Listing Brokerage (and/or listing REALTOR®) website to obtain additional information. Rare Cash-Flow Asset + Infill Site - 11,754 SF Lot under Modern Zoning - High Operational EfficiencyExcellent opportunity to acquire a well-maintained 9-suite, 2.5-storey walk-up apartment building in the desirable Woodcroft neighbourhood. This income-producing property offers exceptional redevelopment and expansion potential with ample space to add additional units or construct a separate duplex with legal basement suites. Built in 1965, the property features a new roof (2024), new flooring (2024), and a newer hot water tank. A desirable suite mix consisting of:1 Studio, 5 One-Bedroom, and 3 Two-Bedrooms with 9 energized parking stalls in addition to convenient street parking. Ideally located with outstanding transit access, one-bus service to local universities, with a bus stop directly in front of the building. Residents also benefit from quick access to downtown, major roadways, shopping, schools, parks, and amenities, making this a highly attractive rental location.Whether youre looking for stable cash flow with future upside or redevelopment opportunity in a central Edmonton neighbourhood, this property holds significant long-term potential perfectly balances reliable, established rental income with a massive, under-utilized land play. Operating at an ultra-efficient expense ratio driven by 25 years of owner management, this clean asset provides immediate, steady cash flow from day one. THE LAND & UP-ZONING ADVANTAGE is that it is positioned on an expansive lot which is a premium beneficiary of Edmonton’s new Zoning Bylaw frameworks. Boasting extensive site depth and generous setbacks, value-add investors can exploit As-of-Right development pathways without the risk, cost, or delays of lengthy rezoning processes (pending permits and approvals): Detached Infill Capacity: Capitalize on the massive site footprint to construct a separate, high-density duplex. Utilizing modern building codes, both sides can support legal basement secondary suites, instantly adding four new revenue streams to the site (pending permits and approvals). Backyard Housing Framework: The site footprint easily accommodates a multi-suite backyard housing structure or a footprint extension to the existing building, significantly intensifying the property’s total rental yield (pending permits and approvals). The Ultimate Holding Strategy: Unlike raw development land that bleeds capital during planning stages, this asset features a rock-solid, tenant-supported cash flow to entirely cover carrying costs, taxes, and bills while architectural and development plans are finalized. (id:27)
