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601 7 Street E
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Beds
—
Baths
—
Sqft
9,000
Year
1962
Type
Other
On market
302d
Back on the market!! This is a fantastic opportunity to acquire a rare, well maintained commercial property with roughly 9,000 square feet of space over three floors in a one-of-a-kind Drumheller location. What makes it rare? Occupying a corner lot in one of the town’s most popular riverside residential areas, the property is two blocks from primary traffic routes, a short distance from the downtown district, and immediately across the street from Drumheller’s two large senior’s lodges. Most commercial locations in Drumheller are highway or downtown retail, limiting both their desirability and their accessibility, making this opportunity very uncommon!This location creates unparalleled direct access to the surrounding residential community and the adjacent seniors population - ideal for medical, daycare or service related businesses. This community appeal is evidenced by the long-term main floor tenant, an Alberta Government family and community services centre.The tenanted floor of the building has been fully renovated, however the seller delayed renovating the other two floors to allow buyers to explore the other usage opportunities that the large 18,600 sq.ft (0.43 acre) lot provides - either for building expansion, renovations specific to future tenants, or for possible conversion of the building to residential apartments or condos. This is because Drumheller’s acute residential shortage makes this location also ideal for rental apartments or condominium conversion - providing a myriad of options for a savvy investor beyond the existing commercial and expansion possibilities.Preliminary discussions with the town planning department has shown that there is ample underground capacity for both expansion or conversion, and the planning department has expressed support for both options. Ample municipal services are immediately adjacent to the property to accommodate any expanded requirements for residential use or for building expansion.Access is simple with entrances and wide staircases at either end of the building plus a chair-lift at the main entrance allowing those with mobility limitations access between floors. The roof is relatively new, and the building structure is solid, using dimensional lumber interior framing. High ceilings also allow for easy servicing and cable/plumbing runs - if or as desired. These in combination make it a low-maintenance, extremely affordable, and easy to manage asset. With windows replaced roughly 10 years ago, efficient forced air heating systems and cooling systems, upgraded 400amp electrical, ample parking, key location, plus enviable flexibility for a wide range of current and future usage options - this is a remarkable investment you don’t want to miss! (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
-6.91%
Cap rate
3.48%
GRM
16.7
Break-even rent
$3,572
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 May 25, 2026.
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Drumheller. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.