138 Lorne Avenue

11,766 Sqft - 138 Lorne Avenue, Winnipeg, Manitoba

$1,735,000

8 Unit Multi-Family Investment Opportunity Near Downtown Winnipeg

The Offering

Cushman & Wakefield | Stevenson is pleased to offer for sale a 100% interest in an (8) suite apartment building located at 138 Lorne Street, Winnipeg, Manitoba (the “Property”). Offered for the first time since it was built in 2015, the Property offers a steady rental income stream with an extremely low history of vacancy. The Property has been registered under MHRC’s Rental Supplement Program since it was built and MHRC has renewed the RSP for another (5) years. The RSP provides prospective tenants from a long wait list as vacancies become available at the Property with many other Landlord friendly benefits that serve to minimize vacancy costs.

The Property features (4) x 2 bedroom units and (4) x 3 bedroom units. Current Gross Annual Rental Income is $120,860.00 or an average of $10,000 per month or $1,260 per suite per month. A detailed Property Condition Assessment report was prepared by HCL Consulting Ltd. (July of 2020) and will be provided to qualified buyers along with the past (3) years of income and expense statements. The Property is located in North Point Douglas, one of Winnipeg’s oldest neighborhoods. Development along Lorne Avenue is exclusively single and multi-family dwellings. Homes in the immediate area were constructed in the early 1900’s and the condition of the neighborhood is considered to be stable with little new multi-family development opportunities available. The Property stands well in this area as a flight to quality option.

Site Area: 11,766 sf
Year Built: 2015
Zoning: R2 – Residential District
Total Suites: 8 Units
Suite Mix: (4) x 2 Bedroom and (4) x 3 Bedroom
Gross Income: $120,860.00 (2020 budget)

More Details

Property Type

Investment

Listing Type

Sale

Area Available

11,766 Sqft

Listing Details

Property Type

Investment

Land Area

-

Sale Price

$1,735,000

Listing Type

Sale

Area Available

11,766 Sqft

Property Taxes

-

Rate Type

Zoning

R2

                
                
                
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Country

CA

Province

MB

City

Winnipeg

Street

138 Lorne Avenue

Longitude

E0° 0' 0''

Latitude

N0° 0' 0''