- What A 60-unit apartment complex in Montréal’s Côte-des-Neiges district is for sale
- Why Property offers value-add potential with rents 25% below market
- What next Le Sherwood complex seeks $13m
A 60-unit apartment complex in Montréal’s Côte-des-Neiges district has hit the market with pricing guidance of $13m, Green Street News can reveal.
CBRE is marketing the property, dubbed Le Sherwood, at 5035-5045 Rue Clanranald. The asking price translates to approximately $217,000 per unit.
Built in 1964, the complex offers significant upside potential with current rents sitting 25% below market rates, marketing materials say. The property comprises 38,000 sq ft of net rentable space, with units ranging from 444 sq ft to 1,025 sq ft.
The twin four-storey buildings are interconnected and include an indoor pool, elevators, laundry facilities, storage lockers and private balconies.
The property is just over 4 km to downtown Montréal and half a kilometre to the Snowdon Metro station.
The Germany-based Layher family, known for their global scaffolding manufacturing business Wilhelm Layher, is the current owner.
The Layher family is divesting at least two other Montréal-area properties: Le 6630, at 6590-6630 Rue Sherbrooke Ouest, and an industrial facility at 17400 Route Transcanadienne in Kirkland, Québec.
