Property Description
This is an exceptional opportunity to develop one of the last remaining large lots for apartment housing in Penticton. Penticton is surrounded by 2 lakes and mountains on either side which keeps the land market very tight.
HIGHLIGHTS
- 2.0 acre RM3 – Medium Density Multiple Housing with an FAR of 1.6
- Penticton has a very low vacancy rate, last year around 1.0%
- Forecasted 2% population growth, and rental properties are in high demand
- City very supportive of higher density development
- Adjacent to Okanagan College who would like to secure multiple units
- Walking distance to Queen’s Park Elementary School and downtown Penticton
- Vendor open to discussions for potential expansion area (4.644 acres)
PRICE: LOT B (2.0 acres) $7,595,000
PRICE/BUILDABLE SF: $54
PRICE/SF OF LAND: $87
PRICE/DOOR: $52,000
