Address
400-420 Laurel Road Kelowna, BC
Price
$ 4,950,000
Property Attributes
  • MLS#10243911
  • TypeCommercial
  • CityKelowna
  • AreaCentral Okanagan
  • NeighbourhoodRN - Rutland North
  • Postal CodeV1X 2V6
  • StyleMultifamily
  • Price$ 4,950,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size0.89 Acres
Listing Provided Courtesy Of:
Macdonald Realty Kelowna
Data Source:
Okanagan Mainline Real Estate Board (OMREB)
Property Description

Opportunity for a near 1 acre property with holding income and upside through redevelopment. CURRENT SITUATION: Eleven (11) townhouse rental units (all 2 BR/1.5 Bath, fully rented). Gross Income per Month of $18,730. 3.8% Yield after operating costs. REDEVELOPMENT ANALYSIS: The Property is 214’ deep with approximately 180’ of frontage and because it’s greater than 1,400 sq. metres, the City of Kelowna may consider an application for MF3 APARTMENT ZONING, which allows apartments up to 6 storeys in height, but support here would likely be for up to 4 storeys. Total Land Area: 0.89 acres (38,768 sq.ft) Maximum Base Density (MF3): 1.75 FAR (1.3 FAR if 4 storeys). Projection: 62,029 sq.ft. of Net Saleable Area (1.3 FAR with 0.3 bonus). $80.38/Saleable Sq.Ft including density bonusing. Est’d Yield: 69 units (900 sq.ft. Avg Size) = $72,338/unit.

General Features

Acres 0.890
DOM 31
Listing Office Macdonald Realty Kelowna
Number of Units 11
Status Active
Terms For Sale

Amenities

  • Views
  • New Construction
  • Adult 55+
  • Lease To Own
  • No Strata Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in V1X 2V6

Price
AVG $4.95M
$4.95M
Visits
AVG 21
20
Walkscore
AVG 46
46
Data Provided by Walkscore ® not using MLS data