521 22 Avenue Sw Calgary, Alberta T2S 0H5
$1,297,000
Prime Investment Opportunity with a 6.68% Cap Rate in the Mission / Cliff Bungalow District of Central SW Calgary - Moments from Starbucks and the Dynamic 4th Street Scene!Seize the chance to own a remarkable investment on a prime 37'x120' lot within Calgary's coveted Mission district. This well-maintained 5-plex, standing proudly on a scenic, tree-lined street, blends the vibrancy of urban living with the enchanting allure of its early 1900s origins. Skillfully converted into five illegal suites (four 1-bedroom and one 2-bedroom), this two-story building captivates with each unit's unique character, enhanced by modern amenities including a complete set of appliances (five refrigerators, five stoves, one dishwasher, and one combination washer/dryer, two washers & 1 dryer). Units #1, 3, 4, and 5 are being sold fully furnished, included in the sale price - you are ready for business!Recent renovations underscore the property’s commitment to quality and comfort, with new shingles installed in 2021 and the bathrooms in suites #1 and #2 completely remodeled in 2022, offering a contemporary living experience.Strategically situated, the property grants unbeatable access to the lively corridors of 17th Avenue and 4th Street SW, renowned for their rich assortment of dining, nightlife, and boutique shopping. It's a haven for those who thrive on an active lifestyle, with the MNP Community & Sport Centre and picturesque bike paths along the Elbow River just a stone's throw away. The convenience of biking or taking transit to downtown Calgary adds to this investment's allure.This investment shines with a robust 6.68% cap rate, underlining its status as a high-performing asset. Four of the five illegal suites have been operating as lucrative Airbnb short-term rentals, a testament to their consistent demand and the property's income-generating prowess. Currently, only 1 is operating as an AirBnB with the balance on long-term leases. In addition, four parking spaces at the rear enhance its attractiveness and functionality. Whether your goal is to bolster your rental portfolio with a property boasting a solid revenue history and recent upgrades or to explore future development possibilities on this versatile lot — be it constructing your dream home or a new multifamily unit — this opportunity is ripe with potential. Invest in a locale that offers both growth and a lifestyle that's hard to match. (id:57849)
Property Details
| MLS® Number | A2114456 |
| Property Type | Single Family |
| Community Name | Cliff Bungalow |
| AmenitiesNearBy | Playground |
| Features | Treed, See Remarks, Back Lane, Level |
| ParkingSpaceTotal | 4 |
| Plan | 4453l |
| Structure | Porch, Porch, Porch, See Remarks |
Building
| BathroomTotal | 5 |
| BedroomsAboveGround | 4 |
| BedroomsBelowGround | 2 |
| BedroomsTotal | 6 |
| Appliances | Washer, Refrigerator, Dishwasher, Stove |
| BasementDevelopment | Finished |
| BasementType | Full (finished) |
| ConstructedDate | 1911 |
| ConstructionMaterial | Wood Frame |
| ConstructionStyleAttachment | Detached |
| CoolingType | None |
| ExteriorFinish | Metal |
| FlooringType | Carpeted, Ceramic Tile, Hardwood, Laminate, Linoleum |
| FoundationType | Poured Concrete |
| HeatingFuel | Natural Gas |
| HeatingType | Forced Air |
| StoriesTotal | 2 |
| SizeInterior | 2124 Sqft |
| TotalFinishedArea | 2124 Sqft |
| Type | House |
| UtilityWater | Municipal Water |
Parking
| Parking Pad |
Land
| Acreage | No |
| FenceType | Fence, Partially Fenced |
| LandAmenities | Playground |
| SizeDepth | 36.59 M |
| SizeFrontage | 11.42 M |
| SizeIrregular | 4553.13 |
| SizeTotal | 4553.13 Sqft|4,051 - 7,250 Sqft |
| SizeTotalText | 4553.13 Sqft|4,051 - 7,250 Sqft |
| ZoningDescription | M-cg D111 |
Rooms
| Level | Type | Length | Width | Dimensions |
|---|---|---|---|---|
| Lower Level | Kitchen | 7.83 Ft x 9.92 Ft | ||
| Lower Level | Living Room | 14.42 Ft x 8.67 Ft | ||
| Lower Level | Primary Bedroom | 16.50 Ft x 9.33 Ft | ||
| Lower Level | 4pc Bathroom | 8.08 Ft x 5.58 Ft | ||
| Lower Level | Kitchen | 12.25 Ft x 11.50 Ft | ||
| Lower Level | Living Room | 11.00 Ft x 11.50 Ft | ||
| Lower Level | Furnace | 12.83 Ft x 5.50 Ft | ||
| Lower Level | Primary Bedroom | 10.58 Ft x 7.33 Ft | ||
| Lower Level | 4pc Bathroom | 6.83 Ft x 7.33 Ft | ||
| Main Level | Living Room | 11.67 Ft x 14.92 Ft | ||
| Main Level | Kitchen | 9.92 Ft x 12.33 Ft | ||
| Main Level | Primary Bedroom | 11.50 Ft x 12.58 Ft | ||
| Main Level | 4pc Bathroom | 9.83 Ft x 5.42 Ft | ||
| Upper Level | Kitchen | 12.08 Ft x 10.92 Ft | ||
| Upper Level | Living Room | 13.42 Ft x 18.33 Ft | ||
| Upper Level | 3pc Bathroom | 7.00 Ft x 6.00 Ft | ||
| Upper Level | Primary Bedroom | 11.83 Ft x 10.33 Ft | ||
| Upper Level | Kitchen | 5.58 Ft x 7.75 Ft | ||
| Upper Level | Dining Room | 9.58 Ft x 7.58 Ft | ||
| Upper Level | Living Room | 9.75 Ft x 10.25 Ft | ||
| Upper Level | Primary Bedroom | 11.75 Ft x 11.00 Ft | ||
| Upper Level | Bedroom | 10.83 Ft x 11.92 Ft | ||
| Upper Level | 4pc Bathroom | 4.92 Ft x 9.50 Ft |
https://www.realtor.ca/real-estate/26635162/521-22-avenue-sw-calgary-cliff-bungalow
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May 23 2024 11:18:31
Calgary Real Estate Board
