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:4069)
Address
909 Fairview Road
List Price
$2,995,000
Property Type
Multi-family
Type of Dwelling
Multi-Family
Transaction Type
Sale
Area
British Columbia
Sub-Area
Penticton
Lot Size
0.34 Sq. Ft.
Year Built
1960
MLS® Number
10403482
Listing Brokerage
Chamberlain Property Group Inc.
Postal Code
V2A5Z1
Ownership
Freehold
Cooling Features
Wall unit
Water Source
Municipal water
Sewer
Municipal sewage system
