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8720 Franklin Ave 44 Unit Apartment Building $12,200,000 CAD ($277,273 CAD/Unit) Wood Buffalo, AB T9H 3K8
INVESTMENT HIGHLIGHTS
- Fully renovated mixed-use asset with 100% occupancy
- 44 residential units with modern finishes and shared amenities
- Residential rents ~20% below market, offering upside
- Located on Franklin Avenue with direct access to Highway 63
- 12 commercial bays with air conditioning and retail visibility
- Positioned in a high-income, growth-oriented market
EXECUTIVE SUMMARY
Franklin Place presents a compelling turnkey investment opportunity in the heart of Fort McMurray, Alberta’s energy capital. This fully renovated mixed-use property features 44 residential units and 12 commercial bays totaling 16,837 square feet of retail and office space. With 100% occupancy across both components, the asset delivers immediate in-place cash flow and long-term upside potential.
The residential suite mix includes bachelor, one-bedroom, and bi-level two-bedroom units, with shared laundry, large balconies, in-suite storage, and 9-foot ceilings. Commercial tenants benefit from air-conditioned bays and high visibility along Franklin Avenue, the city’s primary commercial corridor. The building underwent extensive renovations in 2019, including new mechanicals, modernized interiors, updated roofing, and refreshed common areas, minimizing near-term capital requirements.
Strategically located within walking distance of major amenities such as Walmart, Canadian Tire, and Northern Lights Regional Health Centre, the property offers direct access to Highway 63 and public transit routes. The surrounding neighborhood supports a stable tenant base of healthcare professionals, tradespeople, and students.
Fort McMurray’s multifamily fundamentals are strong, with average household incomes nearing $189,000, a 4.9% annual population growth, and tightening rental vacancy rates. With residential rents currently averaging 20% below market, investors have a clear path to revenue growth through lease turnover and rate optimization.
The residential suite mix includes bachelor, one-bedroom, and bi-level two-bedroom units, with shared laundry, large balconies, in-suite storage, and 9-foot ceilings. Commercial tenants benefit from air-conditioned bays and high visibility along Franklin Avenue, the city’s primary commercial corridor. The building underwent extensive renovations in 2019, including new mechanicals, modernized interiors, updated roofing, and refreshed common areas, minimizing near-term capital requirements.
Strategically located within walking distance of major amenities such as Walmart, Canadian Tire, and Northern Lights Regional Health Centre, the property offers direct access to Highway 63 and public transit routes. The surrounding neighborhood supports a stable tenant base of healthcare professionals, tradespeople, and students.
Fort McMurray’s multifamily fundamentals are strong, with average household incomes nearing $189,000, a 4.9% annual population growth, and tightening rental vacancy rates. With residential rents currently averaging 20% below market, investors have a clear path to revenue growth through lease turnover and rate optimization.
PROPERTY FACTS
| Price | $12,200,000 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $277,273 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 2.81 AC |
| No. Units | 44 | Building Size | 66,000 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2016 |
| Zoning | CD - City Centre District | ||
| Price | $12,200,000 CAD |
| Price Per Unit | $277,273 CAD |
| Sale Type | Investment |
| No. Units | 44 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 2.81 AC |
| Building Size | 66,000 SF |
| No. Stories | 3 |
| Year Built | 2016 |
| Zoning | CD - City Centre District |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 1
Walk Score®
Very Walkable (82)
CONTACTS
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Amit Grover -
Jandip Deol -
Brandon Imada -
Ken Williamson -
Carl Pedersen -
Tracy Olmos -
Brannon Guenette -
Avison Young
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8720 Franklin Ave
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