All photos · 14
423 3 Avenue NE
INVESTMENT OPPORTUNITY — 5.80% CAP RATE | 10-UNIT CONCRETE APARTMENT BUILDING, CRESCENT HEIGHTS Rare opportunity to acquire a stabilized, income-producing multifamily asset in one of Calgary's most established inner-city locations. This four-storey concrete-constructed building offers the durability, lower insurance profile, and long-term hold quality serious investors look for — concrete buildings of this size and location seldom come to market. The numbers: Offered at $2,499,000 ($249,900/unit). Gross scheduled income of $192,660 with a 2026 NOI of $144,898, delivering a 5.80% capitalization rate at asking price. The asset: 10 suites with an excellent, rent-friendly mix — six 1-bedroom, two 2-bedroom, and two 3-bedroom suites (16 bedrooms total) — a configuration that supports strong occupancy across market cycles. The building sits on a 50' × 125' lot zoned M-C2 in Crescent Heights, minutes to downtown, Bridgeland, and the Bow River pathway system. Includes 10 surface parking stalls and 10 tenant storage lockers. Professionally managed, with financial statements and rent roll available to qualified buyers upon request. Well-located, well-built, and priced at a cap rate that stands out in the current Calgary multifamily market. This is a long-term hold asset for an investor seeking stable inner-city income with a concrete building's peace of mind.
- Listed
- Sep 25, 2026
- Property type
- Multi Family
- Year built
- 1979
- Parking total
- 10
- Heating
- Boiler, Natural Gas
- Cooling
- None
Pin placed at the coordinates supplied by the MLS® System.
Estimated monthly payment
$12,277
Down payment: $499,800 · Loan: $1,999,200
Estimate only. Lender rates and qualification rules change constantly. Excludes property tax, condo fees, and insurance. Always confirm with a mortgage broker before making decisions.
RE/MAX Complete Realty · Listing agent Scott Armstrong
MLS®# A2348121 · Last modified 2026-11-02
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James Hughes, REALTOR® · CIR Realty