4 plex on 3 lots

[Chad Friesen]

I just found this 4 plex in Grande Prairie AB. There is not a ton of info on the MLS listing so I will need to ask my Realtor about it. The interesting part to me though is that it is 1 4 plex that is located on 3 lots under 1 title. It says that it is zoned and has the room to build a second 4 plex.

The add says that 2 units are rented out right now for 700 and 800 per month which is quite low rent for this city.  Even with the bad economy and it being an oil town.  It is selling for 475 000 which also seems quite low for a 4 plex in this area.  There is another down the road selling for 800 000. 

Im going to ask my realtor about it and hopefully take a look. Probably a reason its so much lower but worth a look I guess. 

Anyway what about the zoning for second 4 plex.  Would this be a smart move to buy and build a second 4 plex assuming the one already there isnt a dive. Possibly sell both in the end or just hold on to them. 

Once we take a look and get some better info I will try and post some more and run some proper numbers.