Property assessments are completed on an annual cycle using the market value standard for property. In determining non-residential property assessments, The City of Airdrie considers all three approaches to value, depending on the type of non-residential property:
The City of Airdrie also reviews the following:
The assessment department completes an annual vacancy study for non-residential properties, the current study can be found here:
When you connect your property to your myAirdrie account you can view your current assessment notice online.
| Property type | vacancy | cap rate | non-recoverables | operating costs per sq ft | rental rate |
|---|---|---|---|---|---|
| Multi-tenant CRU | 6% | 5.00% - 8.25% | 3% | $8 - $14 | $6 - $33 |
| Stand alone | 3% - 4% | 6.00% - 7.25% | 2% - 3% | $4 - $11 | $9.50 - $30 |
| Condo | 2% - 3% | 6.50% - 7.25% | 2% - 3% | $9 - $13 | $13 - $30 |
| Automotive service related | 1% - 3% | 6.00% - 7.00% | 2% - 3% | $5 - $9 | $10 - $15 |
| Service station | 1% | 5.50% - 7.00% | 2% | $8 - $9 | $31 - $75 |
| Box store | 1% | 6.25% | 2% | $6 - $7 | $13 |
| Fast food restaurant | 1% | 6.00% - 6.50% | 2% | $35 | $30 - $40 |
| Restaurant | 7% | 6.25% - 6.75% | 2% - 3% | $10 - $30 | $13 - $34 |
| Bank | 1% | 6.25% - 6.50% | 2% | $11 - $12 | $21 - $41 |
| property type | vacancy | cap rate | non-recoverables | operating costs per sq ft | rental rate |
|---|---|---|---|---|---|
| Industrial office | 3% - 5% | 6.75% - 8.00% | 2% | $8 | $4 - $18 |
| Single-tenant warehouse | 4% | 6.25% - 7.50% | 2% | $3 - $6 | $6 - $15 |
| Multi-tenant warehouse | 8% | 6.50% | 2% | $4 - $5 | $7 - $11 |
| Industrial condo | 5% - 8% | 6.00% - 7.00% | 2% | $3 - $6 | $12 - $18 |
| Property type | vacancy | gross income multiplier |
|---|---|---|
| Walk-up apartment | 2% - 14% | 12.00 - 14.00 |
| Townhouse | 5% | 13.50 |
| Three/four-plex | 2% | 18.00 |
| Property type | bedroom type | market rent |
|---|---|---|
| Walk-up apartment | 1 bedroom | $875 - $1175 |
| Walk-up apartment | 2 bedroom | $1200 - $1450 |
| Walk-up apartment | 3 bedroom | $1850 |
| Townhouse | 2 bedroom | $1725 |
| Townhouse | 3 bedroom | $1850 |
| Three/four-plex | 1 bedroom | $875 |
| Three/four-plex | 2 bedroom | $925 |