398 Simcoe St · Multi-family

398 Simcoe St is a 3-unit multi-family in Winnipeg, MB, asking $559,900 — $186,633 per door.

That lands inside the Winnipeg band of $130k - $230k per door, so the ask is not the thing that decides this deal — the rent roll is. Winnipeg cap rates screen 5.5% - 7.0% and average rent runs about $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.