17 Norquay Street | Red Deer, AB | Northfield Commercial Real Estate
Red Deer, AB
Property Type Multifamily
List Price $11,700,000
Address 17 Norquay Street
City Red Deer
Lease or Sale sale
SQFT 168,141 Sqft
Active / Sold active
Normandeau Place is a four building seventy-six suite apartment complex located at 17 Norquay Street in Red Deer, Alberta. Each building is a two and a half storey, walk-up, wood-frame construction buildings with balconies. The first building was built in 1980. Parking is surface and paved.
The suite mix for Building A is 7 one-bedroom suites, 12 two-bedroom suites, and 2 three bedroom suites. The suite mix for Building B is 5 one-bedroom suites and 12 two-bedroom suites. The suite mix for Building C is 4 one-bedroom suites and 13 two-bedroom suites. The suite mix for Building D is 7 one-bedroom suites, 12 two-bedroom suites, and 2 three-bedroom suites.
This apartment complex has had a consistently high occupancy rate. Major renovations and cosmetic changes have been made in 95% of the suites in the last two years. Updates include vinyl plank flooring, new kitchens, and new light fixtures.
Vendor currently has approval by the county of Red Deer and has architectural plans for an expansion. The proposed plans are for 2 four-storey apartment buildings with 64 total units, with the majority of the units being two-bedroom suites. There are also plans for underground parking for one of the buildings. This offering included an additional 1.5 acre piece +/- which has been approved for 2 buildings with 32 units each (64 units total).
About Red Deer
Red Deer is a city located in central Alberta, half way between Edmonton and Calgary. It is situated along the Queen Elizabeth II Highway (Highway 2), which connects the central core of the province. According to the 2016 Federal Census, the population of Red Deer is approximately 100,418 residents, making it Alberta’s third most populous city.
The region’s economy is primarily supported through agriculture and the oil and natural gas industries, as well as tourism and transportation. Red Deer’s central location along the province’s busiest highway contributes to the trade and economic opportunities in the region, making it one of the fastest growing economies in Canada.
Transportation in the city is offered by Red Deer Transit which provides local bus services. The major roadway is 50th/Gaetz Avenue which runs north-south through the city, giving access to the majority of the Red Deer’s commercial development. Red Deer has full amenities, including grocery, shopping, banking, and entertainment, as well as two shopping malls, Bower Place and Parkland Mall. Major retailers include Walmart, Costco, Canadian Tire, Save-On-Foods, and Real Canadian Superstore.
The Red Deer Regional Hospital serves the city and surrounding area with emergency, acute and palliative care as well as other medical services.
There are three school districts that operate close to fifty schools from elementary through grade twelve. Red Deer College is a post-secondary institution offering degrees and certificates in over seventy-five programs, as well as one of the top athletic programs in the country.
The city is home to the Westerner Exposition Grounds, which hosts numerous large events, including the Canadian Finals Rodeo, a multi-day rodeo showcasing competitions and entertainment. Waskasoo Park is located on the southwest outskirts of the city along the Red Deer River and provides over eighty kilometers of trails for recreational use including biking, walking, and cross-country skiing.
Red Deer’s central location and economic advantages along with its services and geographical setting makes it an attractive community to do business, raise a family and live.