2232 42 Street SE

About this property

REGISTERED LEGAL BASEMENT SUITE | $3,000 MONTHLY RENTAL INCOME | DOUBLE DETACHED GARAGE. Located in Forest Lawn, an established community experiencing significant redevelopment, this income-producing property offers an excellent opportunity to collect rental income while holding a substantial parcel of land for the future. Built in 1910, this character home features two self-contained living spaces, both currently rented, generating a combined $3,000 per month, including utilities. Both tenants are on month-to-month tenancies, great tenants that take excellent care of the property, and would prefer to remain. MAJOR STRUCTURAL AND MECHANICAL IMPROVEMENTS: The foundation and basement were reinforced and rebuilt with a new concrete basement by a previous owner in the 1960s. During the current owner's 10 years of ownership, significant upgrades have been completed, including a new roof, new basement windows, new furnace, new hot water tank, and new appliances, all within approximately the past five years. The BRIGHT MAIN/UPPER RESIDENCE offers large windows providing abundant natural light, a spacious main-floor bedroom, a second bedroom in the upper loft with lower ceiling height, one full bathroom, a generous living area, and a fully equipped kitchen. The CITY OF CALGARY REGISTERED LEGAL BASEMENT SUITE features a separate private entrance, one bedroom, one full bathroom, a bright living area with large legal windows, a fully equipped kitchen with stove, range hood, refrigerator and dishwasher, plus its own full-size washer and dryer. The property also offers a WEST-FACING BACKYARD, double detached garage with wall-mounted wooden workbenches, and two exterior storage sheds, providing additional storage for both households. EXCELLENT LOCATION AND ACCESSIBILITY: Convenient access to 17 Avenue SE (International Avenue), shopping, grocery stores, restaurants, schools, parks and essential services. Well connected to major transportation routes and publi c transit, including MAX Purple rapid bus service providing connections to downtown Calgary. REDEVELOPMENT AND LAND VALUE: New infill homes, duplexes, townhouses and multi-unit residential developments are transforming the surrounding blocks, including projects along 42 Street SE. The generous 6,103 sq. ft. lot presents an attractive long-term investment opportunity, with future redevelopment possibilities. TWO RENTAL UNITS. REGISTERED LEGAL SUITE. MAJOR UPGRADES. SUBSTANTIAL LOT. EXISTING RENTAL INCOME. An opportunity to add an established income-producing property to your investment portfolio while benefiting from the area's ongoing redevelopment. Minimum 24 hours' notice required for all showings. Utilities are around $500 winter and $300 summer. (id:65883)

Property summary

Property type

Single Family

Building type

House

Neighbourhood

Forest Lawn

Postal code

T2B1G5

Year built

1910

Living area

951 square feet

Lot size

567 square meters

Ownership / common interest

Freehold

Bedrooms & bathrooms

Bedrooms

3

Above grade

2

Below grade

1

Bathrooms

2

Partial bathrooms

0

Fees & taxes

Fee includes

Annual property tax

$3,810.00

Tax year

2026

Heating & cooling

Heating

Forced air

Cooling

None

Building & parking

Stories

1.5

Basement

Finished, Full, Separate entrance, Suite

Foundation

Poured Concrete

Roof

Construction

Wood frame

Parking

Detached Garage

Parking spaces

3

Appliances & services

Appliances

Refrigerator, Dishwasher, Stove, Hood Fan, Washer & Dryer

Other equipment

Utilities

Water

Sewer

Zoning description

R-C2

Location