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 May 29, 2028 with 2 renewal options of 5 years remaining
- 5% cap rate based on market rents. Increase in effect May 2023 and rents currently being negotiated
