Property Details

Address: 4740, 4742 - 55 Street, Red Deer, AB
Status: For Sale
Price: $4,730,000
Price Per Door: $110,000
No. of Units: 43
Cap Rate: 7.05%

Amenities 

Charmarine East and West is a two building complex located at 4740, 4742 – 55 Street in Red Deer, Alberta. They are three and a half storey, walk-up, wood-frame construction buildings with balconies. They were constructed in 1980. There is a washer and dryer in every suite. Parking is surface, paved and energized.

The total number of suites between both buildings is forty-three with a total suite mix of 4 bachelor suites, 17 one-bedroom suites and 22 two-bedroom suites.

  • 4740 – 55 Street (Charmarine East) has twenty suites with a suite mix of 1 bachelor suit, nine one-bedroom suites, and 10 two-bedroom suites.
  • 4742 – 55 St (Charmarine West) has twenty-three suites with a suite mix of 3 bachelor suites, 8 one-bedroom suites, and 12 two-bedroom suites.

Renovations

  • Roof: replaced on both building within the past ten years
  • Hot Water Tank: replaced in both buildings within the first two years
  • Boiler:
  • 4740 – 55 Street – Replaced in 2012
  • 4742 – 55 Street – Original
  • Upgrades to both buildings include:
  • All new balconies
  • All new kitchen cabinets
  • New carpet and paint in all hallways
  • 50% of kitchen countertops
  • 95% of the flooring

Location

Red Deer is a city located in central Alberta, half way between Edmonton and Calgary. It is founded along the Queen Elizabeth II Highway, which connects much of the province. According to the 2016 Federal Census, the population of Red Deer is approximately 100,418 residents, making it Alberta’s third most populous city.

The economy is primarily supported through agriculture and the oil and natural gas industries.

There are three school districts that operate close to 50 schools from elementary through post-secondary. Red Deer College offers degrees and certificates in over 75 programs, as well as offering one of the top athletic programs in the country.

Transportation in the city is offered through Red Deer Transit which provides local busy services. 50th/Gaetz Avenue is the major roadway running north-south through the city.

The Red Deer Regional Hospital serves the city and surrounding area with emergency, acute and palliative care as well as other medical services.

Red Deer has two shopping malls, Bower Place and Parkland Mall, as well as grocery, shopping and entertainment amenities. The city is also home to the Westerner Exposition Grounds, hosting events such as Agricon and Westerner Days, which includes a rodeo and exhibition. Waskasoo Park is located on the southwest outskirts of the city along the Red Deer River and it provides over 80 kilometers of trails for recreation use including biking, walking, and cross-country skiing.

Interested in this Property?

Contact the David G. Parker Team Today