4520 47th Street Leduc
Exceptional Real Estate investment opportunity - 17 suiterThis exceptional opportunity is located at 4520 47th Avenue Leduc. Leduc is located close to Edmonton Airport and is one of the fastest growing cities in Alberta. This 17 suiter is in good condition and we will be adding an 18th bachelor suite. Similar performing projects are selling today in the $125,000/unit range and we are buying this asset for an amazing price of only $1,462,000 ($86,000/unit!).
Sold for: Subscription filled, Currently Active
Purchased November 2021 for $1,462,000 with an 85% Bridge.
Appraised 8 months later for $2,160,000
$550,000 invested. Repatriated $490,000 at Refinance.
Substantial Value increase in a short time frame by upgrading and raising rents accordingly. Very Successful BRRRR.
Long term hold – Very Strong Alberta Rental Market in 2023 and Beyond. Anticipate value $2,500,000 or higher by 2025.What is exceptional about this deal?
- Low purchase price of $86,000 per unit given good "Class B" rental location
- Appraised at $1,640,000 at purchase. $161,000 of INSTANT equity 12-month value $2,200,000.
- Significant short-term upside potential - $700,000 in year one. Plan to repatriate 100% equity in 8 months.
- Alberta economy finally showing signs of recovery since 2014. Leduc expecting major rebound.
- Leduc has solid population growth of 1.8% per year and a very low 1.4% vacancy rate.
- Conservative rent projections of $1050 for a 2BR – Rents were $1250 in 2014!
- All units are above grade. The building also has a peaked roof which is rare for multi family.
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