802 St Marys Road · 5-unit multifamily

802 St Marys Road is a 5-unit 5-unit multifamily in Winnipeg, MB, asking $1,899,000 — $379,800 per door.

That sits above the Winnipeg band of $130k - $230k per door. A price above the band has to be earned by rents, condition, or upside that the listing has not yet shown. Winnipeg cap rates screen 5.5% - 7.0% against average rent near $1,450 a door.

At 5 units this is a commercial file: five or more units can be underwritten for CMHC MLI Select, where energy, affordability, and accessibility points decide the tier and the leverage. Below that tier the insured stack you modeled may not exist.

Winnipeg can work as an income-first market with lower basis, though liquidity and winter operating reserves matter. Investor demand reads medium, vacancy balanced.