Franklin Place
8720 Franklin Avenue, Fort McMurray, AB
For Sale
Property Details
- Property Type: Multifamily - Mixed-Use
- Neighbourood: Downtown (Ft. McMurray)
- Residential units: 44
- Total Site Size: 2.34 Acres
- Commercial units 12 (16,837 SF)
- Year Built: 1980
- Parking: 139 Surface stalls
- Structure: Wood Frame
- List Price: $12,200,000
- Blended Cap Rate: 7.05%
Opportunity Overview
Franklin Place is a fully renovated 44-unit mixed-use property located in the heart of Fort McMurray, offering stable 100% occupancy across residential and commercial units. The asset features a diverse unit mix of bachelor, one and two bedroom units, and 16,837 SF of ground-floor retail/office space, delivering strong in-place cash flow from day one.
Recent top-to-bottom renovations, including modern interiors, new mechanicals, and refreshed common areas, provide investors with a turnkey opportunity and minimal near-term capital needs.
With residential rents currently averaging 20% below market, there is immediate upside through rental rate optimization as leases turn over. Fort McMurray’s increasing population, high household incomes, and tightening rental market further support long-term growth and value appreciation.
