HM Commercial Group is pleased to present this land assembly of TWO (2) rental properties with holding income and upside through redevelopment.
These lots are 180’ D (compared to 120’ for most) and because the Property is greater than 1,400 sq.metres with lane access, the City of Kelowna would consider an application for MF3 APARTMENT ZONING, which allows apartments up to 6 storeys in height, but support here is for up to 4 storeys.
Total Land Area: 0.56 acres (23,494 sq.ft)
Maximum Base Density (MF3): 1.75 FAR (1.3 FAR if 4 storeys)
Net Floor Area 42,690 sq.ft. Saleable Area
List Price: $3,9250,000 ($92/Saleable Sq.Ft)
Maximum Bonus Density (MF3): 0.3 FAR (7,318 sq.ft. Saleable Area)
Estimated Cost for Bonus: $27,222 ($3.72/Saleable Sq.Ft.)
Est’d Yield (650 sq.ft. Avg Size): 77 units ($51,371/unit)
Potential to increase assembly with MLS # 10243488