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620 Spencer Street SE
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Beds
1
Baths
1
Sqft
800
Year
1946
Type
Single Family
On market
74d
Versatile redevelopment opportunity in SE Medicine Hat! 620 Spencer Street SE offers a flexible site with MU (Mixed Use) zoning, presenting a wide range of possibilities for investors, developers, or entrepreneurs. The existing structure requires a substantial renovation, making this an ideal project for those looking to reimagine and add value through improvement or redevelopment. The heavy lifting of asbestos abatement has already been completed, giving buyers a clear path to redevelopment. Alternatively, the structure could be removed entirely to make way for a brand-new development tailored to your vision. A great opportunity to capitalize on a property with flexible zoning and strong future potential. With Mixed Use zoning, the property allows for a variety of permitted uses under the City of Medicine Hat Land Use Bylaw, including residential dwellings, home based businesses, professional or medical offices, retail or service based businesses, Day care facilities, studios, and other compatible commercial or mixed residential commercial developments. This flexibility creates an excellent opportunity to tailor the property to your specific vision—whether that be a live/work space, revenue generating investment, or a customized business location. A unique opportunity to unlock the full potential of a property with endless possibilities (see Ai genertated photo's for different visions) (id:65958)
Main level
| Room | Dimensions | Features |
|---|---|---|
| Bedroom | 1.08 Ft x 1.08 Ft | |
| 4pc Bathroom | 1.08 Ft x 1.08 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
40.50%
Cap rate
12.97%
GRM
5.9
Break-even rent
$690
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 7, 2026.
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Medicine Hat. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.