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120 29 Ave 8 Unit Apartment Building $2,000,000 CAD ($250,000 CAD/Unit) 4.97% Cap Rate Calgary, AB T2M 2L8
Executive Summary
This 8-unit concrete apartment building in Tuxedo Park, comprising seven one-bedroom units and one studio, offers a rare turnkey investment with significant value-add potential. The property has undergone over $240,000 in recent capital improvements—including a new high-efficiency hydronic boiler, a full SBS membrane roof replacement, electrical upgrades, and building-envelope and security enhancements—ensuring that all major mechanical and structural work is complete. Currently operated as non-market housing, the asset sits significantly below inner-city market rates, providing immediate rental upside through unit-level cosmetic renovations. Situated just one block north of the future 28th Avenue Green Line LRT station and steps from the Centre Street MAX Green BRT corridor, the property features six energized parking stalls, shared laundry, and a current fire inspection on file, making it a premier transit-oriented acquisition.
Property Facts
| Price | $2,000,000 CAD | Building Class | C |
| Price Per Unit | $250,000 CAD | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 5,047 SF |
| Cap Rate | 4.97% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 1.59/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | M-C1 - http://lub.calgary.ca/Part6/Division3_Multi_Residential_Contextual_Low_Profile_M_C1.htm | ||
| Price | $2,000,000 CAD |
| Price Per Unit | $250,000 CAD |
| Sale Type | Investment |
| Cap Rate | 4.97% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,047 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.59/1,000 SF |
| Zoning | M-C1 - http://lub.calgary.ca/Part6/Division3_Multi_Residential_Contextual_Low_Profile_M_C1.htm |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
70/100
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120 29 Ave
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