399 Graham Ave · Multi-family

399 Graham Ave is a 3-unit multi-family in Winnipeg, MB, asking $2,000,000 — $666,667 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 3 units this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

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