Kelowna apartment buildings land sold for nearly $2M above asking
The transaction includes an 10,454-square-foot adjoining lot
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Two income-producing apartment buildings with a surplus of land in Kelowna have sold for $6 million, HM Commercial Group reports.
Gibraltar Apartments is comprised of 26 rental units on a 0.78-acre lot, with an adjoining lot of 10,454 square feet. The buildings include six bachelor suites and 20 one-bedroom units. The rents are currently below market with potential for an 8.1 per cent capitalization rate if rented at market value.
The properties are located at 1469 and 1451 Bertram St., Kelowna.
No. of Units: 26
Lot Size: 0.78 acres
Property Type: Multi-family
2017 B.C. Assessment Value: $4,190,9000
Name of Brokerage: HM Commercial Group - Macdonald Realty Kelowna
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