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$ 2,995,000
Est. payment | /mo
0.34 Acres Lot
$ 2,995,000
Est. payment | /mo
0.34 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Subdivision Main North
MLS® Listing ID 10403482
Year Built 1960
Lot Size 0.340 Acres
Acres 0.34
Property Sub-Type Freehold
Property Description
Well-maintained two-storey apartment building in a prime walkable location, steps from downtown Penticton and all essential amenities. The property offers 18 generously sized one-bedroom suites, eight of which have been renovated with updated kitchens, bathrooms, flooring and paint. Recent capital improvements include a new boiler system and pumps, a new hot water tank, additional laundry equipment, and a refurbished lobby with secure mailboxes. With no balconies or elevator, the building is low-maintenance and efficient to operate. Ten of the 18 suites are renting $365 to $790 per month below market, and suites re-lease quickly on turnover. Each vacancy is an opportunity to mark rents to market. The property delivers a 5.4% cap rate on current rents, with a projected 7.6% at full market rents. That's over $64,000 in additional annual NOI for a buyer to capture. (id:24570)
Location
State BC
Rooms
Kitchen 0.0
Interior
Cooling Wall unit
Exterior
Parking Features No
View Y/N No
Attached Garage No
Garage No
Private Pool No
Building
Sewer Municipal sewage system
Others
Ownership Freehold
Listed by Chamberlain Property Group Inc.
Nearby Locations
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