955 Timmins Street , Penticton, BC - Multi-Family Development Site in Central Penticton

Multi-Family Development Site in Central Penticton

955 Timmins Street , Penticton, BC, V2A 5V3

Price:
$7,595,000

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

955 Timmins Street, Penticton, BC, Canada

Additional Information

Municipal Address 955 Timmins Street , Penticton, BC, V2A 5V3
Legal Description LOT B of Proposed Subdivison of LOT 2 DISTRICT LOTS 1, 2 AND 4 GROUP 7 SIMILKAMEEN DIVISION YALE(YALE-LYTTON) DISTRICT PLAN 36021 as shown on Schedule B.
PID 002-581-574
Location Details 955 Timmins Street is exceptionally well located beside Okanagan College, Penticton Campus, Canadian Tire and across the street from King’s Park. Just 5 minutes to downtown Penticton, this property is well situated to grocers, shopping, restaurants, and professional services. It is also just 5 minutes to Okanagan Lake Beach!
Development Site Area 2.0 acres
Land Area 2.0 acres
Zoning M1 General Industrial
Future Land Use
(OCP)
RM3 Medium Density Multiple Housing

Listing Agents

Jeff Hudson PREC - Principal / Co-Founder at HM Commercial Group

Jeff Hudson

Marshall McAnerney PREC - Principal / Co-Founder at HM Commercial Group

Marshall McAnerney

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.