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| 909 Fairview Road Penticton V2A5Z1 |
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| Price : $2,995,000 |
Listing ID : 10403482
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| Property Type : Multi-family |
Building Type : Multi-Family |
| Title : Freehold |
Finished Area : - |
| Built in : 1960 |
Total Parking Spaces : - |
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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:56537)
Call (250)-864-7337 for showing information. |
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Bathrooms (Partial) : 0 |
Cooling : Wall unit |
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Sewer : Municipal sewage system |
Utility Water : Municipal water |
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under contract.
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