528-532 Bernard Avenue, Kelowna, BC - Downtown Income Property with Upside Potential

Downtown Income Property with Upside Potential

528-532 Bernard Avenue, Kelowna, BC, V1Y 6P1

Price:
$4,500,000

Property Description

HM Commercial Realty is pleased to present this opportunity for an income producing single storey building in Downtown Kelowna with redevelopment potential.

  • Secure cash flow with upside potential (holding income pending redevelopment)
  • Established long term tenants with below market rents (see page 4)
  • Unbeatable location on City’s busiest street, Bernard Avenue, just steps away from the Bernard Block development (17 Storey office tower with 125,000 SF of leasable area and a 34-storey residential tower with 257 condo units), the UBCO Downtown Campus (over 110,000 SF of institutional uses and 473 university-affiliated rental housing) and Lake Okanagan
  • Downtown Kelowna is home to more than 74 restaurants, 6 childcare facilities, 12 fitness centres and 17 cafes.
  • UC1 Downtown zoning – To designate and preserve land for developments of the financial, retail and entertainment, governmental, cultural and civic core of the downtown while also encouraging high density mixed-use buildings.
    • Support for up to 26 storeys with opportunity to buy additional 14 via streetscape bonussing
    • Base FAR of 7.2 with Max FAR of 9.0 through bonussing
  • Price Breakdown: $4.5 Million
    • As a building: $558/SF
    • As a redevelopment site: $67.52/sf of net floor area (7.2 FAR)
    • As a redevelopment site: $54.01/SF of net floor area (9.0 FAR)

528 Bernard Avenue, Kelowna, BC, Canada

Additional Information

Municipal Address 528-532 Bernard Avenue, Kelowna, BC, V1Y 6P1
Legal Description LOT 3 DISTRICT LOT 139 OSOYOOS DIVISION YALE DISTRICT PLAN 5539
PID 002-790-459
Location Details Unbeatable location on City’s busiest street, Bernard Avenue, just steps away from the Bernard Block development, the UBCO Downtown Campus and Lake Okanagan.
Land Area 0.21 acres (9,257 SF)
Zoning UC1 Downtown Urban Centre
Future Land Use
(OCP)
UC Urban Centre
Taxes $38,271 (2022)

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.