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1920 31 Street SW
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Calgary · Multi-family · under $1,750,000. Alerts only send when there are new or meaningfully updated matching homes.
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Ideally located in the highly desirable inner-city community of Killarney, just steps from vibrant 17th Avenue, this exceptional 4-plex presents a rare investment opportunity with strong existing income and long-term rental appeal. The property features four fully self-contained units, each offering between 997–1,043 sq ft of well-designed living space complete with 3 bedrooms, 1 full bathroom, and convenient in-unit laundry. All units have been updated with durable vinyl plank flooring, creating a low-maintenance and modern finish that appeals to today’s tenants. Each suite is separately metered and equipped with its own furnace and hot water tank, allowing tenants to pay their own utilities while simplifying management and operating costs for ownership. The two upper units are enhanced by charming wood-burning fireplaces and sunny private balconies, while all residents enjoy access to outdoor backyard space and additional storage with the on-site shed. The property also includes four rear parking stalls—one assigned per unit—as well as ample street parking directly out front for guests and additional convenience. Recent concrete repair work surrounding the building has improved lot grading and drainage, helping protect the property and minimize future maintenance concerns. All four units are currently occupied with tenants on fixed-term leases, generating strong and stable rental income of $8,050 per month. Situated within walking distance to transit, schools, parks, and countless amenities, this prime location offers quick access to downtown while being moments from the restaurants, cafés, boutiques, and nightlife that make 17th Avenue one of Calgary’s most dynamic destinations. Whether you’re looking to expand your portfolio or secure a turnkey multi-family asset in a high-demand rental area, this is an outstanding opportunity with immediate cash flow and lasting investment potential. (id:65958)
10-item due-diligence checklist. We can pre-flight most of these for you on a CMA call.
Comparable sales
Ask for 3–5 recent solds within ~1 km and the same beds/baths so the list price has context.
Property condition
Roof age, furnace age, hot-water tank age, electrical panel size, windows. Cosmetic vs structural.
Zoning
Confirm zoning matches your intent (single-family vs duplex vs secondary suite vs commercial).
Suite legality / potential
If suited or being marketed as suited: confirm permits, separate entrance, ceiling height, egress windows.
Monthly carrying cost
Mortgage + property tax + insurance + condo fee (if any) + utilities. Compare to your max budget.
Property taxes
Confirm the annual tax amount on the current assessment — and whether a reassessment is pending.
Insurance estimate
Get a same-day quote. Older homes, knob-and-tube wiring, polybutylene plumbing, flood plains all change the number.
Commute
Drive it (or transit it) at the actual time of day you'd commute. Map ETA lies during peak hours.
Deposit and financing conditions
Deposit size, financing condition window, condition removal date, possession date — all negotiable.
Inspection considerations
Budget for a home inspector ($500–700) and any specialty inspections (sewer scope, mould, asbestos for pre-1990 builds).
Cash on cash
-0.67%
Cap rate
4.73%
GRM
13.9
Break-even rent
$9,788
Financing
Operating expenses (monthly)
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Approximation only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Pick a down payment and tap any underlined number to edit. Total updates live. Confirm with a mortgage broker before writing an offer.
Monthly carrying costs (shared)
Approximation only. CMHC default insurance is included when down payment is under 20%. Property tax and condo fees come from MLS when listed and may not reflect the current billing year. Accelerated bi-weekly frequency reduces total interest paid vs. monthly — confirm with a broker. Suite rental income depends on permits, market rent, and vacancy. Always validate with a mortgage broker before writing an offer.
We'll reply by text within a few hours. Comparable sales, condition flags, things worth checking — sent before you book a showing.
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Jul 4, 2026.
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Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.