Deal in Calgary Radisson Heights SE.

[Ram Srinivasan]

HI All,

For those familiar with the Calgary market, and even more specifically, the Radisson Heights market, would like to get your advice on this deal. Property is currently Off market and not listed on the MLS.

Asking Price $365,000, Comps in area suggest $360000 to $370000 confirmed by appraisal within last 30 days. Calgary property tax assessment is coming in at $375,000.

My number crunching is listed below. I have several options I can go with this, either buy and hold myself, JV with investor, wholesale.

The rents are 1195 TOP Floor, 1050 Bottom suite Zoned RC1 (basically illegal double suite). To legalize it, I have to rezone and apply for development permit, not to mention meet all the requirements to legalize it. This will cost several 1000s of dollars.

Would like to hear advice from the community at large!