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2 Elk Avenue
Beds
4
Baths
2 full + 1 half
Sqft
1,065
Year
1947
Type
Single Family
On market
33d
Welcome to this beautifully updated 1947 bungalow located in the heart of downtown Okotoks, offering an exceptional opportunity for entrepreneurs, investors, or those seeking a flexible live/work lifestyle. Zoned for mixed use and positioned just steps from Elizabeth Street, this property offers excellent visibility, strong curb appeal, and endless potential. The main floor is currently configured for commercial/retail use and was extensively renovated in 2022. Features include a bright and modern interior with new windows, commercial-grade vinyl flooring, knockdown ceilings, updated insulation and drywall, upgraded electrical, heat pumps, air make-up system, and a camera/security system. The layout includes a spacious retail/reception area with built-in desk, two large offices or treatment rooms—both featuring built-in sinks and individual heating/AC controls—a wheelchair-accessible 2-piece bathroom, storage room, utility room, and washer/dryer. The lower level features a separate private entrance leading to a bright and spacious legal 2-bedroom basement suite. Designed with comfort and functionality in mind, the suite offers large windows, a white kitchen with ample counter space, open dining and living areas, vinyl plank flooring, two generously sized bedrooms with newer carpet, a 3-piece bathroom, stacked washer/dryer, and additional storage space. The legal suite just requires the reinstallation of a stainless steel stove and full-size refrigerator to complete the setup. Additional updates completed in 2022 include the furnace, fire-rated knockdown ceiling, upgraded electrical, garage improvements, and more. Outside, enjoy a large yard, concrete walkways, access ramp, new fencing, and a 20x24 garage with updated siding and roof plus a framed room offering additional flexibility. This is a rare turnkey opportunity where the hard work has already been done—simply move in and start running your business, investing, or enjoying the flexibility of downtown mixed-us e living. (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| 3pc Bathroom | 6.50 Ft x 5.33 Ft | |
| Bedroom | 13.67 Ft x 10.83 Ft | |
| Bedroom | 13.33 Ft x 12.08 Ft | |
| Dining room | 9.17 Ft x 5.50 Ft | |
| Kitchen | 13.50 Ft x 10.25 Ft | |
| Living room | 16.08 Ft x 9.58 Ft | |
| Furnace | 9.33 Ft x 6.58 Ft |
Main level
| Room | Dimensions | Features |
|---|---|---|
| 2pc Bathroom | 7.08 Ft x 9.17 Ft | |
| Bedroom | 12.67 Ft x 13.25 Ft | |
| Office | 13.58 Ft x 5.92 Ft | |
| Office | 32.50 Ft x 13.83 Ft | |
| Primary Bedroom | 12.67 Ft x 13.33 Ft | |
| Furnace | 7.83 Ft x 7.33 Ft |
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
-1.05%
Cap rate
4.65%
GRM
13.9
Break-even rent
$4,329
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.
Rough ballpark only. Pick a down-payment option, then tap any underlined number below to plug in your real numbers — tax, condo fee, insurance, utilities. Total updates live. Confirm with a mortgage broker before writing an offer.
Cost lines (tax, condo, insurance, utilities) are editable inline above. These two control the mortgage payment math.
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. Suite rental income depends on permits, market rent, and vacancy — confirm with a property manager. Always validate your scenario with a mortgage broker and your insurance provider 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 Jun 9, 2026.
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Okotoks. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.