5315 38 Avenue

Opportunity

This three-storey, 29-unit walk-up apartment building offers a strong investment opportunity in the growing community of Taber. Constructed in 1980 and extensively renovated, the property is in excellent condition and designed for long-term durability and tenant appeal. The suite mix includes 11 one-bedroom and 18 two-bedroom apartments, each featuring a living room, dining area, kitchen, storage and linen closets, and a four-piece bathroom. Above-grade units enjoy private balconies with sliding patio doors, while common areas include concrete BBQ patios for resident use.

The grounds are thoughtfully landscaped with mature trees, in-ground sprinklers, and perimeter fencing, complemented by concrete walks, drives, and parking areas. Residents benefit from 56 energized parking stalls and well-maintained outdoor spaces that enhance curb appeal. Recent upgrades include a new torch on roof and a new ventilation system installed in 2016, ensuring efficient building performance. Heating is provided through hot water baseboard systems, supported by 400-amp electrical service, separate meters, hot water tanks, and a forced-air furnace for pressurized hallways.

Additional income is generated through on-site laundry facilities, averaging approximately $25 per unit per month. With its combination of modernized infrastructure, established landscaping, and proven revenue stream, this property represents a compelling multi-family investment in a stable and desirable market.

Location

This 29-unit multi-family property sits on 38 Avenue in a quiet, desirable neighborhood on Taber’s south side. With a population of over 9,500—up 10% in five years—Taber is one of southern Alberta’s fastest-growing communities.

Driven by a strong agricultural and agri-processing economy, the town offers stable employment, solid family incomes, and a welcoming small-town atmosphere. Residents enjoy nearby schools, parks, recreation facilities, medical services, and a variety of local shops and amenities.

Positioned along Highway 3, Taber provides excellent access to Lethbridge and other regional centres, making it attractive for families, commuters, and professionals seeking affordability with modern conveniences.

With roughly one-quarter of households renter-occupied, demand for quality rental housing remains strong. This property benefits from high occupancy and reliable long-term rental demand thanks to its prime location and favorable demographics.

Income potential

- Current NOI of $185,000

- Projected stabalized NOI $300,000+ (7.3 Cap Rate)

- Majority of major Cap Ex is complete

- Average current rent $966 per month

- Average market rent for 1-bedroom units at $1,250 per month plus utilities

- Average market rent for 2-bedroom units at $1,450 per month plus utilities