400-420 Laurel Road, Kelowna, BC - Multifamily Investment Property with Upside Through Redevelopment

Multifamily Investment Property with Upside Through Redevelopment

400-420 Laurel Road, Kelowna, BC, V1X 2V6

Price:
$4,950,000

Property Description

HM Commercial Group is pleased to present this near 1 acre property with holding income and upside through redevelopment.

CURRENT SITUATION:

  • 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

REDEVELOPMENT ANALYSIS

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

400-420 Laurel Road, Kelowna, BC, Canada

Additional Information

Municipal Address 400-420 Laurel Road, Kelowna, BC, V1X 2V6
Legal Description Lot C Plan KAP22313 Section 26 Township 26 Land District 41
PID 006-919-014
Location Details 400-420 Laurel Road is centrally located in Rutland, walking distance to a variety of schools, grocery stores, shopping and restaurants, and the Kelowna Family YMCA.
Land Area 0.89 acres (38,768 sq.ft)
Zoning RM3, Low Density Multiple Housing (Future: MF2 Townhome Zoning)
Future Land Use
(OCP)
MRL, Multiple Unit Residential Low Density
Taxes $15,116.30 (2021)

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.