Property Details

Address: 7148 Parke Avenue, Red Deer, AB
Status: For Sale
Price: $2,090,000
Price Per Door: $110,000
No. of Units: 19
Cap Rate: 7.30%


7148 Parke Avenue is an nineteen suite apartment building located in Red Deer, Alberta. It is a two and a half storey, walk-up, wood-frame construction building with balconies. It was constructed in 1980. Parking is surface, paved and energized.

The suite mix is 1 one-bedroom suite, 9 two-bedroom suites and 8 three-bedroom suites.

*There is also one non-conforming bachelor suite

The building is located in an ideal location and experiences long term tenants and low turnaround.


  • Roof: Replaced 10 years ago
  • Boiler: Original
  • Hot Water Tank: Replaced 2 years ago
  • Upgrades include:
  • Cabinets
  • Flooring
  • Interior Doors
  • Lighting Fixtures
  • All Walls Painted
  • New Trim
  • Siding (within the past 10 years)
  • Balconies (within the past 10 years)


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.


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