HM Commercial Group is pleased to present this near 1 acre property with holding income and upside through redevelopment.
- 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
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)
- List Price: $4,950,000
- $80.38/Saleable Sq.Ft including density bonusing
- Est’d Yield: 69 units (900 sq.ft. Avg Size) = $72,338/unit