About This Location
Hard to find multi-family development site in great location close to downtown core in Penticton. RM5 Zoning in place. Seller has City of Penticton development permit approval with pending building permit approval for an 8 unit purpose built rental building. Most due diligence has been completed on the project including: building plans, energy model and feasibility studies. Excellent return once the project is complete with estimated 5.6% Cap Rate. Developers can complete the project themselves or buy as a turnkey operation. Seller is willing to work with a qualified Buyer on build out of this project. See MLS 190589 for a turnkey, fully built and ready to rent new apartment building. This property can be sold individually or in conjunction with the neighboring property 575 Ellis Street to allow a total of 16 rental units. Currently, there is an older house on the property that is utilized as a vacation rental. Excellent location and opportunity! Price PLUS GST.