723 5 Street NE · Multi-family

723 5 Street NE is a 3-unit multi-family in Calgary, AB, asking $2,300,000 — $766,667 per door.

That sits above the Calgary band of $190k - $310k per door. A price above the band has to be earned by rents, condition, or upside that the listing has not yet shown. Calgary cap rates screen 5.6% - 7.2% against average rent near $2,050 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%.

Calgary screens well for current yield, population growth, and landlord policy, with cyclical exposure still worth stress testing. Investor demand reads high, vacancy tightening.