559 Okanagan Avenue E, Penticton, BC - Rare Penticton Industrial Investment Property for Sale

Rare Penticton Industrial Investment Property for Sale

559 Okanagan Avenue E, Penticton, BC, V2A 3K4

Price:
$4,300,000

Property Description

HM Commercial Group is pleased to present the opportunity for a rare industrial investment property with long-term secure tenants.
559 Okanagan Avenue East is well located in the main industrial area of Penticton, at the corner of Dartmouth Rd and Okanagan Ave/Industrial Ave.

HIGHLIGHTS

  • 0.62 acre site with a Licence to Use adjacent 0.32 acre property owned by the City of Penticton (renewed for a 3 year term)
  • 17,442 SF building comprised of 15,684 SF main floor and 1,758 SF second floor
  • Property is zoned M1 General Industrial
  • 24 on-site parking spaces along Okanagan Avenue and Dartmouth Road
  • Same property owner for 32 years, owner-operated until 2018
  • Property is fully leased to a long-term manufacturing tenant
  • Current 10 year lease term expires March 29, 2028 with 2 renewal options of 5 years remaining
  • 5% cap rate based on market rents. Increase in effect May 2023 (rents to be negotiated with tenant)

559 Okanagan Avenue East, Penticton, BC, Canada

Additional Information

Municipal Address 559 Okanagan Avenue E, Penticton, BC, V2A 3K4
Legal Description LOT 4 DISTRICT LOT 3821S SIMILKAMEEN DIVISION YALE DISTRICT PLAN 12511
PID 009-406-476
Location Details 559 Okanagan Avenue East is well located in the main industrial area of Penticton, at the corner of Dartmouth Rd and Okanagan Ave/Industrial Ave. The property is close to many major retailers like Canadian Tire, Home Hardware, Walmart and Safeway Grocers. The property is also down the street from Penticton Regional Hospital.
Land Area 0.62 acres (27,000.2 SF)
Zoning M1 - General Industrial
Future Land Use
(OCP)
General Industrial (M1)
Lindsey Termul - Operations Manager at HM Commercial Group

Listing Agent

Lindsey Termul

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.