521 22 Avenue Sw, Calgary, Alberta

$1,297,000

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0.10

Acres

About 521 22 Avenue Sw

Prime Investment Opportunity with a 7% 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). 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. 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. (This purchase price includes all the furnishings in 4 of the 5 suites. You are ready for business!) 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.

Features of 521 22 Avenue Sw

MLS® # A2118519
Price $1,297,000
Bathrooms 0.00
Acres 0.10
Year Built 1911
Type Commercial
Sub-Type Multi Family
Status Active

Community Information

Address 521 22 Avenue Sw
Subdivision Cliff Bungalow
City Calgary
County Calgary
Province Alberta
Postal Code T2S 0H5

Amenities

Parking Spaces 4
Is Waterfront No
Has Pool No

Interior

Heating Forced Air, Natural Gas
Fireplace No
Has Basement No

Exterior

Roof Asphalt Shingle
Construction Metal Siding, Wood Frame
Foundation Poured Concrete

Additional Information

Date Listed March 28th, 2024
Days on Market 112
Zoning M-CG d111
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeeXp Realty

Listing Map