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601 2 Street SE
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Medicine Hat · Other · under $400,000. Alerts only send when there are new or meaningfully updated matching homes.
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Unlock the potential of one of Downtown Medicine Hat's prominent historic properties. Built in 1913 and situated on one of the city's highest-profile corners, this landmark building offers exceptional exposure, outstanding traffic counts, and endless possibilities for redevelopment. The main floor features two separate commercial storefronts of approximately 1,550 and 1,750 square feet, each with large display windows that provide excellent visibility for retail, restaurant, office, or service-based businesses. Above, the second floor has already been gutted, creating a blank canvas ready to be transformed to suit your vision. Whether you're considering residential lofts, boutique short-term rental suites, professional offices, creative studio space, or a unique mixed-use development (subject to municipal approval), the opportunity is here to create something truly special. While the building requires significant renovation, opportunities like this are becoming increasingly rare. Its prime Downtown location, historic character, and flexible layout provide the foundation for an ambitious restoration or redevelopment project that could become a cornerstone of Medicine Hat's vibrant city centre. If you've been searching for a project with character, visibility, and exceptional upside, this is your chance to bring new life to a piece of local history. Please note, this property is to be subdivided, and the proposed lot will be 50x70 (listed property taxes would be adjusted accordingly after subdivision) (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).
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 6, 2026.
Location of this listing. Distances are straight-line.
Full neighbourhood intelligence (schools, halal, mosques, transit) is still building for this address.