The Block on 4th

1904 4th Street SW, Calgary

$22,500,000

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Price $22,500,000

Property type Mixed-use building

Units 39 suites + 5 CRUs

Storeys 5

Building size 36,536 SF

Net rentable area 31,415 SF (22,697 SF res + 8,718 SF comm)

Year built 2023

Lot size 12,375 SF

Zoning C-COR1

Cap rate 4.8%

Gross income multiplier 16

Parking 36 residential + 4 visitor stalls

Price per SF $716

Legal description Lots 1 & 2, Block 17, Plan B-1

Overview

The Block on 4th is a brand new five-storey mixed-use rental building in the heart of Calgary’s trendy Mission District. The property is approximately 85% complete and comprises four floors with 39 purpose-built rental units above one level of ground floor retail space. The commercial component is currently being leased with 2 of the 5 units having offers in place.

Building features include an attractive unit mix with 23 one-bedrooms and 16 two-bedrooms, two-levels of underground parking with a total of 40 stalls (36 residential and 4 visitor), secured underground bike storage, and communal outdoor amenity space on fifth floor complete with BBQ facilities. Residential suites include modern energy efficient appliances including dishwashers and in-suite laundry. The retail units are fronting directly onto 4th Street SW with excellent exposure and signage opportunities.

Location

The Block on 4th is located in the amenity rich Mission District at the southeast corner of 4th Street SW and 19th Avenue SW. The neighbourhood is well known for its lively mix of restaurants, nightlife, and trendy shops. The property is within 600 m of a major grocery store, fitness studios, coffee shops, and dozens of restaurants.

The location also offers proximity to downtown Calgary and is within a 15-minute walk of an LRT station and two-blocks from Lindsay Park and the extensive trails lining the Elbow River.

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	No. units	Average size
Commercial	No. units5	Average size1,744 SF
1 bedroom	No. units23	Average size495 SF
2 bedroom	No. units16	Average size707 SF

Financials

Financing	Treat as clear title
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$1,401,018 Vacancy(50,923) Effective gross$1,350,095 Operating expenses(276,958) Net operating income$1,073,137
Notes	For more information, please contact the undersigned below.

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