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Redwater · Retail · under $650,000. Alerts only send when there are new or meaningfully updated matching homes.
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Incredible chance to own a beloved, family-operated burger restaurant that has been proudly serving the Redwater community and surrounding area for over 35 years. Located just 40 minutes northeast of Edmonton on a high-visibility main road, this well-established business includes the real estate and features strong curb appeal with its awnings and prominent signage. The property also includes a double wide mobile home perfect for owner operator or onsite employees or offers excellent potential for additional rental income. The fully equipped commercial kitchen is ready to operate, complete with ovens, fryers, grills, refrigeration, sinks, hood systems, and all necessary assets. Recent major upgrades include a newer commercial flat roof on the restaurant, and a lifetime shingle roof on the mobile home, along with completed a asphalt parking lot repair, and installed a new cooling system in 2025. The bright, nostalgic dining area maintains its classic small-town diner charm, while the large paved parking lot and drive-through option support both dine-in and takeout traffic. This is a proven business with a loyal local customer base, multiple revenue streams (restaurant + potential rental), and room for growth through updated marketing, extended hours, or menu enhancements. Whether youre an experienced operator or a motivated first-time buyer looking for a stable community staple, this turnkey opportunity provides immediate cash flow and long-term potential in a growing small town market. (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
-6.82%
Cap rate
3.50%
GRM
16.6
Break-even rent
$3,717
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 Jun 2, 2026.
Location of this listing. Distances are straight-line.
Full neighbourhood intelligence (schools, halal, mosques, transit) is still building for this address.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.