Cheviot Manor is strategically located on a quiet, tree lined street, surrounded by other apartment buildings & newer condo development. Near several schools, and existing transit with efficient access to the expanding LRT network to NAIT. The location & suite mix optimizes minimizing vacancy & increasing rental demand & rent rate growth that has been consistent since the current owner purchased the building in March of 2010. The 15 suite, 3 storey walk-up apartment building contains 3 bachelor, 10 one bedroom & 2 two bedroom suites. In above average condition for the 1972 built wood frame building, recent upgrades to the roof in approximately 2005, suites from 2011 to date, & hallway common areas & landscaping in 2015 continue to improve the building. With stabilized market rents NOI would be back to historic $96,303 = 5.1% cap rate on list price.More details
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