Multi Family Investment Opportunity in Westlock
10536, 10544 and 10540-103 St, Westlock
Westlock Estates consists of 3 buildings: 2 - 4 plexes and a 6 plex apartment located on 3 side by side lots. Each of the 4- plexes are 2 storey townhouse style units all with 3 bedrooms and 1.5 bath. The 6 plex is a 2.5 storey walkup with 2 units on each level and each unit has 2 bedrooms. The 3 buildings surround a beautiful treed courtyard. The exterior is mainly stucco with some vinyl and flat roofs. All the units are in very good condition and are highly desirable for attracting and keeping quality long term tenants. The townhouse units each have their own concrete patio, gas furnace and hot water tank and tenants pay all their own utilities.
Since 2005 the owners have spent over $275,000 in improvements including all new windows and patio doors, one new roof (SBS membrane), painted stucco, new siding, a new parking lot, new landscaping and patios, new boiler for the 6 plex, plus all units have had major interior upgrades.
Westlock has been a strong performer for years in Alberta’s rental market, particularly when compared to towns closely tied to the energy industry. Historically low interest rates and a variety of potential lenders allow the smart investor to carefully leverage a superior asset to provide stable cash-flow for years to come. A beneficial suite mix comprising
all 2 and 3 bedroom units, as well as desirable townhouse layouts, has contributed not only to essentially full occupancy for years but a friendly, nuisance-free tenant profile. The two 4-plex units allows for residential or commercial financing!
This has been one of the jewels of the owners’ portfolios. Free of the volatility of oil prices, Westlock is a stable, prosperous town and a major center for the aging rural population as they move off farms to be closer to urban services.
- Address10536, 10544 and 10540-103 St
- Postal CodeT7P 1L2