404 Qu'Appelle Ave · 28-unit multifamily

404 Qu'Appelle Ave is a 28-unit 28-unit multifamily in Winnipeg, MB, asking $1,795,000 — $64,107 per door.

That sits below the Winnipeg band of $130k - $230k per door. A price under the band usually means condition, location, or an in-place rent roll well below market — confirm which before treating it as a discount. Winnipeg cap rates screen 5.5% - 7.0% against average rent near $1,450 a door.

At 28 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.