All Forum Posts by: Seth Ferguson

Hi Sean,

The actual rent roll is below. 4 of the suites are newly renovated. The rest are a mix between paint needed, flooring, countertops etc on change over. Roof has about 10 years left. Mechanicals look good. Exterior has been done recently.

Do you have many buildings in Edmonton? Queen Mary seems to get mixed reviews. I'm new to this market, so any pointers on good spots would be appreciated. 

Hi Everyone,

I'm curious to see what some of the Western Canadian investors think about this one...This would be my first purchase outside of Ontario, so I'm all ears to any advice. Much appreciated.

20 unit building in Edmonton's Queen Mary neighborhood. Suites are in decent shape. Good suite mix: 9 2brs, 3 3brs, 6 1brs, and 2 bachelors.

Average rent works out to be $750/suite, which is below market value. I've seen some 1 bedroom buildings with average rents at 850/suite.

Seller is asking 113,500/suite, so 2,270,000 and is pretty firm. Comps are a little all over the place. A 15-unit building of mostly 1 bedrooms in the same neighborhood is currently under contract at 113,500 a unit.

Consensus seems to be that Edmonton's future is getting brighter. Do you think there's enough upside on this deal?

I think the best play is to go conventional at 70% LTV, refi after 1.5-2 years and go CMHC for long term.

What are your thoughts?