- What A group of five apartment buildings in Sherbrooke, Que., has been listed for $24.9m
- Why A private investor is looking to offload the recently built midrises
- What next Two offers have been submitted and are under consideration
Five rental apartment buildings in Sherbrooke, Que., are on the market for $24.9m at a capitalization rate of 4.5%, Green Street News can reveal.
The seller, a private investor, is also offering the option to buy the buildings, at 820-908 Rue Lamarche, individually, with an asking price of just under $5m each.
Sutton Group Estrie Real Estate is handling the listing, bringing the property to market on Aug. 14. At least two offers have since been submitted that are now under consideration.
The buildings were constructed from 2021 to 2022. They rise four storeys, and each contains 18 rental units, with one to three bedrooms. There is onsite parking, including car-charging stations.
The property’s annual revenue comes in at $1.5m, with projected revenues as of July 1, 2025, of roughly $1.6m.
Sherbrooke is home to several post-secondary institutions, and the Lamarche property is roughly 4 km from Sherbrooke University and 5 km from Bishop’s University and Champlain College Lennoxville. It’s also just north of Highway 410 and is 500 m from a public transit bus stop.
