Intro: Edmonton’s Best Deals Aren’t Listed as “Turnkey”
You’re looking at fully renovated apartments with great tenants and no maintenance issues, you’re probably not getting a great deal.
The best deals?
They look rough.
They sit on the market.
They scare most people away.
But with the right plan, they offer the highest ROI in Alberta’s real estate market.
This is the world of heavy unit turns, and Edmonton is one of the last major Canadian cities where this strategy still works at scale.
Let’s unpack how to pull it off.
🏗️ Step 1: Spot the Diamond in the Rough
The buildings that make money often:
- Have 30%+ below-market rents
- Show signs of poor management
- Have no recent CapEx (capital expenditures)
- Need full cosmetic and system upgrades
- Sit in gentrifying neighbourhoods like Alberta Avenue, Parkdale, or Spruce Avenue
You’re looking for buildings with problems but not structural nightmares.
If you’re walking into 1975 flooring and orange kitchen tiles, you’re on the right track.
💸 Step 2: Run the Numbers, Not Just the Cost, But the Upside
You’ll need a detailed reno plan, unit by unit, line item by line item.
For example:
| Upgrade | Cost per Unit | ROI Potential |
| New Kitchen | $9,000 | High |
| Flooring & Paint | $6,500 | Medium |
| New Bathroom Fixtures | $5,000 | High |
| Energy-Efficient Lighting | $1,200 | Medium |
Don’t just think about how much you’re spending; focus on how each dollar impacts the rent and resale value.
The best renovations aren’t about luxury, they’re about function, durability, and appeal.
🏢 Step 3: Plan the Renovation Timeline + Tenant Strategy
With occupied buildings, you’ll need to:
- Offer tenant buyouts or incentives to move
- Schedule staggered renovations to avoid a 100% vacancy
- Comply with Alberta’s Residential Tenancies Act (RTA)
- Manage PR tenants’ talk, and your reputation matters
Some investors even buy vacant buildings to accelerate the full renovation process.
Green Casa can support you through tenant communication, rent increase planning, and post-renovation leasing.
📈 Step 4: The Power of Forced Appreciation
The magic happens after the upgrades.
Say you raise rents by $400/unit across 20 doors. That’s $8,000/month or $96,000/year in added NOI.
At Edmonton’s 6% cap rate, you just added:
$96,000 ÷ 0.06 = $1.6 million in new value
That’s how investors manufacture equity, then refinance to fund the next deal.
🧱 Heavy Unit Turn Tips for Edmonton Investors
- Use vinyl plank flooring, it’s durable and clean
- Choose neutral colors with modern finishes
- Upgrade exterior lighting and entryways for curb appeal
- Install individual thermostats to attract energy-conscious tenants
- Add coin-op laundry or parking fees to increase revenue
💬 Final Word: Edmonton is a Renovation Investor’s Playground (For Now)
With rising rents, a solid tenant base, and no rent control, Edmonton continues to be a stronghold for active value-add investors.
But as more capital flows into Alberta, the window for heavy reno deals may narrow.
If you’ve got the vision and a trusted partner to handle leasing, maintenance, and compliance, this strategy can build long-term wealth faster than almost any other.
Green Casa Property Management is here to help you do it right, from the first walkthrough to the final lease signed.
