The subject property is a substantial mixed-use investment asset located in the heart of downtown Lethbridge, offering a combination of stable income and clear value-add potential. Over the past three years, the building has benefited from significant renovations and mechanical upgrades, including the replacement of major equipment such as the boiler. The property comprises 16,547 sf across three levels, along with an additional 6,155 sf basement. The main floor is primarily configured as commercial CRUs, while the second and third floors contain the residential component. In total, the building includes 27 residential units and seven retail units. Four residential suites and three commercial units are currently vacant, providing immediate upside through lease-up. Positioned directly across from Galt Gardens and only steps from The NBHD Block, 122 5 Street South occupies a highly visible and active location within downtown
Lethbridge. The surrounding area is a vibrant mix of cultural, commercial, and residential activity, supported by steady pedestrian traffic and strong connectivity to transit and nearby amenities Current commercial tenants include Hole Lotta Love Professional Piercing Studio, Coulee Cannabis, Art + Craft Pizza, and Beirut Shawarma & Kabab.
Essential information
MLS® number
A2299789
Status
Active
Price
$4,600,000
Property type
Commercial
Type
Multi Family
Transaction
For Sale
Restrictions
Encroachment, Rental
Building area
16,547 sq ft
Lot size
6,098 sq ft
Year built
1912
Structure
Low Rise (2-4 stories)
Listing brokerage
AVISON YOUNG
Source
Pillar 9™ MLS® System
Interior
Included
3 washers, 3 dryers, residential appliances
Exterior and construction
Zoning
C-D
Community
Subdivision
LCDT
City
Lethbridge
Province
AB
Postal code
T1J 2B2
Where it is
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Approximate location, plotted from the listing’s own coordinates.
Investment calculator
Cap rate, cash flow and the coverage ratio a commercial lender will look at first.
Automated estimate — not a final number. Figures here are pulled automatically from the MLS® listing and may be incomplete or out of date. Please confirm the correct figures with the Munafa team before relying on them — 587-971-7993.
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An estimate from the numbers above, not an appraisal and not financial advice. Operating costs, vacancy and lending terms all move it. Nothing typed here is sent anywhere or saved.
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18 photos$5,600,0007504 Elbow Drive SW, Calgary
