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Multifamily Homes in Alberta — Duplex to 5+ Unit Apartment Buildings
This hub covers all multifamily across Alberta — from duplex/triplex/fourplex and row-style multi-unit properties to 5+ unit apartment buildings (commercial multifamily). Buyers use it for underwriting discipline (NOI, cap rate, reserves, condition risk). Sellers use it to protect value with a clean package (rent roll, expense proof, maintenance history) that keeps negotiations tight.
Multifamily Guidance: Small (2–4) vs. 5+ Unit Buildings
The underwriting mindset is the same (verified income, realistic expenses, condition risk) — but the documentation stack changes. For 5+ unit apartment buildings, buyers typically focus on NOI, cap rate, operating history (T12), reserves, and building systems.
Buyer: 2–4 Units (Duplex to Fourplex)
Verify rent roll, leases, deposits, utilities, and unit-by-unit condition. Avoid “market rent” assumptions without documentation.
Buyer: 5+ Unit Buildings (Commercial Multifamily)
Pressure-test NOI using T12, current rent roll, expense proofs, and system risk (roof, boiler, electrical, envelope, life-safety).
Seller: Clean File = Stronger Offers
Buyers pay for certainty. A clean package (T12, rent roll, utility history, capex receipts, unit notes) defends price and terms.
Due Diligence Checklist (2–4 Units + 5+ Apartment Buildings)
Use this as a high-level filter. For deal-specific checklists and negotiation structure, use Real Estate Guides.
2–4 Units (Duplex / Triplex / Fourplex / Row)
- Income: leases, rent roll, deposits, arrears, unit notes, rent increase history.
- Utilities: who pays what, meter setup, historical bills, shared services.
- Expenses: taxes, insurance, maintenance, vacancy, management assumptions (if any).
- Condition: roof/windows/mechanicals, plumbing/electrical updates, moisture indicators.
- Compliance: zoning, permits for conversions/suites where relevant, fire/life safety basics.
- Offer structure: conditions that match verification steps and timelines (clean + defensible).
5+ Unit Buildings (Commercial Multifamily)
- Operating history: T12 / T6, current rent roll, bankable income proofs, vacancy collection reality.
- NOI discipline: normalize expenses, confirm taxes/insurance, realistic repairs & reserves.
- Systems risk: boiler/HVAC, electrical capacity, roof/envelope, common areas, parking, drainage.
- Life-safety: fire panel, sprinklers (if present), exits, alarms, compliance documentation.
- Environmental: site risk flags (where applicable), storage, historical use, due diligence scope.
- Seller package: capex list + receipts, unit mix notes, utility setup, service records.