909 Fairview Road,Penticton, BC V2A5Z1
Penticton, BC V2A5Z1
Description
Well-maintained two-storey apartment building in a prime walkable location, steps from downtown Penticton and all essential amenities. The property offers 18 generously sized one-bedroom suites, eight of which have been renovated with updated kitchens, bathrooms, flooring and paint. Recent capital improvements include a new boiler system and pumps, a new hot water tank, additional laundry equipment, and a refurbished lobby with secure mailboxes. With no balconies or elevator, the building is low-maintenance and efficient to operate. Ten of the 18 suites are renting $365 to $790 per month below market, and suites re-lease quickly on turnover. Each vacancy is an opportunity to mark rents to market. The property delivers a 5.4% cap rate on current rents, with a projected 7.6% at full market rents. That's over $64,000 in additional annual NOI for a buyer to capture. (id:13843)
Details
| MLS # | 10403482 |
|---|---|
| Listing Type | For Sale |
| Status | Active |
| Year | 1960 |
| Days On Site | 20 |
| Listing Provided By | Chamberlain Property Group Inc. | John Green |
Features
| Acreage | 0.34 |
|---|
Interior
| Cooling | Wall unit |
|---|---|
| Fireplace Yes / No | No |
Exterior
| Security Features | Security |
|---|
Utilities
| Sewer | Municipal sewage system |
|---|---|
| Water Source | Municipal water |
Taxes
| Tax Annual Amount | 17628.88 |
|---|
Area Information
| Province | BC |
|---|---|
| City | Penticton |
| Postal Code | V2A5Z1 |
| Listing VS Median (in V2A5Z1) | |
Price: $2,995,000 low | high Med: $0 On site: 20 low | high Med: | |
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Learn More About This Property
| Province | BC |
|---|---|
| City | Penticton |
| Postal Code | V2A5Z1 |
| Listing VS Median (in V2A5Z1) | |
Price: $2,995,000 low | high Med: $0 On site: 20 low | high Med: | |
 | $2,499,0001413 Main StreetPenticton, BC V2A5G4 |
