1531 Bernard Avenue, Kelowna, BC  - Central Kelowna Land for Development

Central Kelowna Land for Development

1531 Bernard Avenue, Kelowna, BC , V1Y 6R8

Price:
$2,995,000

Property Description

The Okanagan Investment Team and HM Commercial Realty are pleased to present a 0.5 acre parcel on the coveted Bernard Avenue, walking distance to Parkinson Recreation Centre, Landmark Office District, Downtown Core, Kelowna Golf and Country Club, and Shopping.

Potential buyers of this property have two options for purchase:

ASSIGNMENT OF CURRENT OPTION TO PURCHASE: $2,995,000
Buyer can assume an assignment of the current contract to purchase the 0.5 acre lot

  • 1.96 proposed FA
  • $71/net leasable SF

ENTER INTO A BUILDING CONTRACT: $24,500,000
Buyer can enter into a building contract with the seller for the proposed 51 unit rental apartment building outlined herein

  • 51 rental units with an average unit size of 973 SF
  • Spectacular views from upper floors
  • Seller will deliver fully constructed building to occupancy stage
    • Suite mix: 6 Studio, 17 x 1BR, 24 x 2BR, 4 x 3BR
    • 61 on-site parking stalls and 46 on-site bike stalls
    • Projected rent of $3.02/SF per month
    • 4.77% Cap Rate ($1,168,326 NOI)
    • Price/unit of$480,392

Disclaimer: Please note that the images included in this listing are conceptual renditions provided for illustrative purposes only. They do not represent final plans or guaranteed outcomes. Actual development and construction may vary. Buyers are advised to conduct their own due diligence and consult with relevant professionals prior to making any purchasing decisions.

1531 Bernard Avenue, Kelowna, BC, Canada

Additional Information

Municipal Address 1531 Bernard Avenue, Kelowna, BC , V1Y 6R8
Legal Description PARCEL Z SECTION 20 TOWNSHIP 26 ODYD PLAN 3604
PID 010-826-475
Location Details The subject property is located in Kelowna’s Central City area, just off of Highway 97. Conveniently walkable to Parkinson Recreation Centre and Park, Landmark Office District, the Downtown Core, Kelowna Golf and Country Club, Shopping areas and more. It is an excellent location for new families and those looking to downsize.
Land Area 0.5 acres (21,614 SF)
Zoning Proposed: MF3r - Rental Apartment Housing
Taxes $3,813.42 (2023)

Listing Agents

Jeff Hudson PREC - Principal / Founder at HM Commercial Realty

Jeff Hudson

Personal Real Estate Corporation
Marshall McAnerney PREC - Principal / Founder at HM Commercial Realty

Marshall McAnerney

Personal Real Estate Corporation

Request More Info

If you would like more information about this listing or to request a viewing, please fill out the form below. You can also reach us at 250.712.3130 or by email info@hmcommercial.com.