Location: 601 – 7th Street E, Drumheller, Alberta
Purchase Price: $185,000
Appraised: $450,000 (May 2016)
Date Purchased: March 31, 2017
Cash on Cash Return: TBD

Composite Return: TBD
Tenancy: Considering Tenancy Prospects
Occupancy: TBD
Year Built: 1962
Footage: 9,200 sq. ft. on three floors

The Story: Legacy Communities Inc purchased the property from the Government of Alberta vacant. Improvements including exterior upgrades, parking lot upgrades, all new windows, new flooring throughout the common areas and main floor, new paint throughout the common areas and main floor and alarm system upgrades.

Legacy has utilized the equity in the property to secure a private mortgage of $355,000 at 3% interest only payments due in three years. (April 30, 2019 – April 30, 2022)

The funds from the mortgage were deployed in the purchase of the Revolve Furnishings Property, Edmonton, with a Composite Return of 11.5%

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