Investment Opportunity

4811-67 Street, Red Deer, Alberta

Dale Russell, Broker/Owner

Cell: 403.340.9190 ~ Email: dalerussell@remax.net

real estate central alberta

Parkland Gardens

~ 4811 - 67 Street, Red Deer, AB

• Constructed in 1974 - lot size 2.16 acres

• 55 units - historically very low vacancy rates

• 26 - 1 bedroom’s, 23 - 2 bedroom’s, 6 - 3 bedroom’s

• All suites have fridge, stove, dishwasher, window coverings

• Elevator building ~ new ram in 2018

• Majority of the tenants are seniors due to easy access to Parkland Mall

for groceries and indoor exercise

• Family owned, meticulously maintained ~ ongoing capital

replacement program (suites, roof, etc.)

• Suite windows replaced in the past 10 years

• Concrete floors extending to the balconies

• Coin operated laundry ~ 4 commercial washers, 4 dryers

• 65 surface parking stalls with plug-ins plus RV parking for tenants

For Sale ~ $7,100,000

• Centrally located in the heart of Red Deer

• Quick access to 2 main roads (Hwy 11/67 Street &

Gaetz Ave) with direct route to Hwy 2

• Parkland Gardens is located on the north side of Parkland Mall, adjacent to Walmart

• Tenants are allowed close access to the mall through a back door for groceries, shopping or exercise

• Easy access to walking trails and the river valley

Parkland Gardens Apartments

Stores include:

Walmart

Winners

Goodlife Fitness/Fit 4 Less

Staples

Skechers

The Keg

Over 100 stores and food court

services

• 26 x 1 bedroom units

• 23 x 2 bedroom units

• 6 x 3 bedroom units

Each unit comes with:

refrigerator, stove, dishwasher

and window coverings

What a Typical Unit Looks Like...

Typical Unit Layouts

1 Bedroom Layout

• 650 sq ft

• Equipped with fridge,

dishwasher, stove and window

coverings

• Balcony

• 1 bedroom, 1 bathroom

2 Bedroom Layout

• 827 sq ft

• Equipped with fridge,

dishwasher, stove and

window coverings

• Balcony

• 2 bedrooms, 1 bathroom

3 Bedroom Layout

• 1,003 sq ft

• Equipped with fridge,

dishwasher, stove and

window coverings

• Large living room

• Balcony

• 3 bedrooms, 1 bathroom

Typical Unit Layouts Continued...

Income/Expense Summary

** Information provided by the owner and believed to be reliable but not warranted to be so.

Annual Property Operating Data

Property Name: Parkland Gardens

Address: 4811-67 St., Red Deer

Property Type: 3 storey 55 Suite Apartment with elevator

*Market *Market

Income Summary # Units Br's Total Total Rent Rent

Current rents Monthly Annual Monthly Annual

See rent roll attached 26 1 22330 267960 22920 275040

23 2 22200 266400 22540 270480

6 3 6420 77040 6480 77760

Laundry - 4 machines 10000 10000

Gross Operating Income 621400 633280

/suite /yr

Gross Operating Income 11298 621400 11514 633280

Less: Vacancy Current @ 5% 339 18642 345 18998

Effective Rental Inc 10959 602758 11169 614282

Plus: Other Income - Parking - Mall tenants 3000 55 3000

Plus: Other Income - Parking - suite tenants 1800 33 1800

Gross Operating Income 10959 605758 11223 617282

Operating Expenses

Real Estate Taxes 2020 938 51580 938 51580

Property Insurance 2020 149 8182 149 8182

Off Site Management Quote 548 30138 558 30714

Payroll - Onsite Mgmt 2020 109 6000 109 6000

Janitor 2020 175 9600 175 9600

Repairs & Maintenance Est 2020 1180 64922 1180 64922

Utilities 0

Heat 2019 365 20050 365 20050

Electric 2019 173 9495 173 9495

Water & Garbage 2019 477 26213 477 26213

Accounting & Legal - Est 2020 91 5000 91 5000

Bank Charges 2020 4 243 4 243

Advertising

Elevator 2020 38 2087 38 2087

Phone/Office - Est 2020 22 1200 22 1200

Total Operating Expenses 4267 234710 4278 235286

Net Operating Income 6746 371048 6945 381996

* See attached rent roll for current and market rents

Tenants pay for their own electiral

Current Rent Roll

** Information provided by the owner and believed to be reliable but not warranted to be so.

Rent Roll as of Nov. 20/2020

1 BR Rent Parking 2 BR Rent Parking 3 BR Rent Parking

102 850 101 960 *** 109 1070 30

103 840 104 960 116 1070

106 860 105 960 209 1080

107 880 108 970 220 1070

** 110 920 112 980 *** 309 1080 30

111 860 114 960 320 1050

117 850 115 980

119 880 201 980

202 840 204 960

* 203 880 205 980

206 820 208 980

207 860 212 930

210 830 215 980

* 211 880 216 960

*** 214 850 90 218 960

* 217 880 301 960

219 880 304 960

302 850 305 980

303 860 308 980

306 820 312 980

307 860 315 960

310 820 316 930

311 880 318 950

314 820

317 880

319 880

Total 22330 90 22200 0 6420 60

Annual 267960 1080 266400 0 77040 720

150

* Vacant 1800

** On house electrical

*** Pays for extra parking - $30/mo/stall

1 br 650 sq ft

2 br 827 sq ft

3 br 1003 sq ft

Market Rent Roll Market Rent Roll

1 BR Ec. Rent Parking 2 BR Ec. Rent Parking 3 BR Ec. Rent Parking

102 880 101 980 *** 109 1080 30

103 880 104 980 116 1080

106 880 105 980 209 1080

107 880 108 980 220 1080

** 110 920 112 980 *** 309 1080 30

111 880 114 980 320 1080

117 880 115 980

119 880 201 980

202 880 204 980

203 880 205 980

206 880 208 980

207 880 212 980

210 880 215 980

* 211 880 216 980

*** 214 880 90 218 980

* 217 880 301 980

219 880 304 980

302 880 305 980

303 880 308 980

306 880 312 980

307 880 315 980

310 880 316 980

311 880 318 980

314 880

317 880

319 880

Total 22920 90 22540 0 6480 60

Annual 275040 1080 270480 0 77760 720

1800

Note: Rents have been raised as tenants have moved out. Several tenants in this building have been

in the building for up to 20 years and management has kept their rents lower. BuIlding has historical-ly

had almost zero vacancy

* Vacant

** On house electrical

*** Pays for extra parking - $30/mo/stall

Parkland Gardens Flooring Replacements

Suite BR's Carpet Lino Suite BR's Carpet Lino Suite BR's Carpet Lino

101 2 11/2008 10/2017 201 2 04/2019 04/2019 301 2 06/2018 06/2018

102 1 02/2009 05/2018 202 1 11/1992 03/2018 302 1 07/2015 06/2006

103 1 10/2014 10/2014 203 1 11/2020 11/2020 303 1 04/2015 04/2015

104 2 09/2016 09/2016 204 2 07/1992 11/2017 304 2 01/2018 01/2018

105 2 06/2015 06/2015 205 2 12/2014 12/2019 305 2 01/2012 10/2005

106 1 12/2012 11/2017 206 1 03/1991 11/2017 306 1 11/2008 11/2017

107 1 01/2012 11/2006 207 1 04/2008 01/2004 307 1 08/2014 10/2008

108 2 09/2016 09/2016 208 2 01/2014 07/2008 308 2 08/2012 03/2016

109 3 02/2009 03/2008 209 3 12/2012 11/2017 309 3 03/2012 09/2016

110 1 07/2012 10/2005 210 1 09/2020 09/2020 310 1 01/1991 03/2018

111 1 02/2018 02/2018 211 1 02/2018 02/2018 311 1 09/2016 08/2018

112 2 02/2018 02/2018 212 2 03/2012 02/2018 312 2 12/2019 12/2019

114 2 04/1991 06/2008 214 1 01/2007 03/2018 314 1 05/2005 01/2007

115 2 02/2018 02/2018 215 2 08/2019 05/2018 315 2 02/2018 02/2018

116 3 10/2012 05/2007 216 2 01/1991 06/2007 316 2 06/2013 04/2007

117 1 11/1992 06/2008 217 1 05/2018 05/2018 317 1 01/2008 10/2017

119 1 09/2020 09/2020 218 2 09/2000 06/2006 318 2 09/1992 07/2018

219 1 03/2019 03/2019 319 1 12/2019 12/2019

220 3 10/1991 07/2018 320 3 11/1992 06/2006

22 suites have had carpet replaced since 2015

36 suites have had carpet replaced since 2010

38 suites have had lino replaced since 2015

Flooring Replacement

Schedule