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The Vic on 5th

1124 5th Avenue Northwest, Calgary

SOLD $36,800,000

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Price $38,800,000

Property type Brand new apartment building

Units 79

Storeys 6

Net rentable area 64,008 SF

Year built 2021

Lot size 26,231 SF

Zoning DC Multi-Residential

Price per unit $491,139

Cap rate 4.4%

Gross income multiplier 17.71

Parking 72 heated underground stalls

Sale price $36,800,000

Sale date 05/25/2022

Overview

Victoria on 5^th is a newly completed modern rental building located in one Calgary’s most popular communities, Hillhurst. This six-storey building sits adjacent to Riley Park and consists of 79 rental suites ranging from 600 to 1,200 SF. Conveniently located just steps to the Sunnyside LRT train station and within walking distance to the trendy Kensington neighbourhood, the building affords residents the walkable convenience of an urban village.

Completed in Summer 2021 and improved on a 26,231 SF lot, the property features a suite mix of 35 one-bedrooms, 39 two-bedrooms and 5 three-bedrooms, equating to 64,008 SF of net rentable area. Other highlights include two high-speed elevators, patios/balconies, in-suite laundry, secured bike storage, 72 heated underground parking stalls and an on-site property manager.

The building was constructed with the highest quality of materials including brick and fibre cement siding. Amenities include a fitness centre and an expansive rooftop patio offering views of the mountains and Riley Park.

Financing—free and clear.

Building highlights

Excellent suite mix with 43% one-bedrooms, 44% two-bedrooms and 5 three-bedrooms
Stainless-steel Samsung appliances
Sleek quartz countertops with waterfall sides
LED Lighting
Mailbox and parcel delivery boxes
Full-service fitness centre with exercise yard
Common roof-top terrace featuring patio heaters, fireplace, lounge sofas, gas BBQ and dining area
Common penthouse lounge with large kitchen area, TV lounge, games and book exchange
Lobby features extensive stone and woodwork, with two fireplaces
Enhanced building safety with key-fob access system
10’ ceilings on 1^st & 6^th floors
9’ ceilings on 2^nd – 5^th floors

Location

Victoria on 5^th is located at the fringe of the vibrant inner-city village of Kensington, a bustling neighbourhood located just outside the downtown core. The village is popular for its restaurants, coffee shops and boutique retail shopping experiences located in a mix of modern and historic brick-façade buildings where many people live, work and play.

Situated just north of the Bow River, the property is centrally located amongst many key community amenities including Southern Albert Institute of Technology (15-minute walk), Foothills Medical Centre and the University of Calgary (7-minute drive).

The property is also within a 2-minute walk to the LRT train station, providing convenient access to throughout the rest of the city.

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	No. units	Average size	Rent range
1 bed + 1 bath	No. units34	Average size628	Rent range$1,650–$2,250
1 bed + 1.5 bath	No. units1	Average size720	Rent range$2,250
2 bed + 2 bath	No. units36	Average size910	Rent range$2,250–$2,990
2 bed + 2.5 bath	No. units3	Average size954	Rent range$2,750–$2,900
3 bed + 2 bath	No. units3	Average size1,141	Rent range$3,150–$3,550
3 bed + 3 bath	No. units2	Average size1,206	Rent range$3,050–$3,100

Financials

Financing	Treat as clear title.
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$2,259,180 Vacancy($67,775) Effective gross$2,191,405 Operating expenses($499,895) Net operating income$1,691,509
Notes	Contact Mark Goodman for more information.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.