Penticton, British Columbia V2A5Z1
$2,995,000
MLS® 10403482
1960
Year Built
Multi-family
Type
0 acres
Lot Size
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:65701)
Listed by
Chamberlain Property Group Inc.
Interior REALTORS®
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB), the Chilliwack and District Real Estate Board (CADREB), and other Canadian REALTOR® associations. The information contained on this site is provided for the consumer's personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed to be accurate. Listings courtesy of their respective brokerages.
