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49 Saint Mary's River Dr 102 Unit Apartment Building $11,640,000 CAD ($114,118 CAD/Unit) Sault Ste. Marie, ON P6A 6G9
INVESTMENT HIGHLIGHTS
- Current in-place rents are well below market, with approximately 60% rental upside achievable through turnover
- Additional information is available upon the signing of a confidentiality agreement.
- Additional income generated from laundry machines, parking stalls, and air conditioning rentals contributes to a healthier NOI.
EXECUTIVE SUMMARY
Station 49 Apartments is a 102-suite, purpose-built multifamily asset located at 49 St. Mary’s River Drive in Sault Ste. Marie, Ontario. Offered at $11,640,000 (just $114,117 per unit), this investment presents a compelling opportunity to acquire scale in a stable Northern Ontario rental market with significant embedded upside.
The property features a highly efficient unit mix, with 101 one-bedroom suites and 1 two-bedroom suite. It is professionally managed with steady turnover that supports rental growth. The asset generates additional revenue through laundry, parking, and air conditioning rentals, and has implemented cost-saving systems such as individual heating cost controls.
With approximately 60% upside to market rents, robust historical turnover averaging 16.9% annually over the last three years, and recent capital improvements, Station 49 Apartments is well-positioned to deliver strong cash flow and long-term value growth for an active investor.
The property features a highly efficient unit mix, with 101 one-bedroom suites and 1 two-bedroom suite. It is professionally managed with steady turnover that supports rental growth. The asset generates additional revenue through laundry, parking, and air conditioning rentals, and has implemented cost-saving systems such as individual heating cost controls.
With approximately 60% upside to market rents, robust historical turnover averaging 16.9% annually over the last three years, and recent capital improvements, Station 49 Apartments is well-positioned to deliver strong cash flow and long-term value growth for an active investor.
PROPERTY FACTS
| Price | $11,640,000 CAD | Building Class | C |
| Price Per Unit | $114,118 CAD | Lot Size | 1.16 AC |
| Sale Type | Investment | Building Size | 102,000 SF |
| No. Units | 102 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | Parking Ratio | 1.98/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | R - Residential | ||
| Price | $11,640,000 CAD |
| Price Per Unit | $114,118 CAD |
| Sale Type | Investment |
| No. Units | 102 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.16 AC |
| Building Size | 102,000 SF |
| No. Stories | 6 |
| Year Built | 1977 |
| Parking Ratio | 1.98/1,000 SF |
| Zoning | R - Residential |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 101 | - | 727 |
| 2+1 | 1 | - | 852 |
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Walk Score®
Very Walkable (87)
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49 Saint Mary's River Dr
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