Kelowna apartment buildings land sold for nearly $2M above asking

The transaction includes an 10,454-square-foot adjoining lot

By
for Western Investor
July 9, 2018





gibraltar apartments
 
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. 
 
 

Breakdown: 

 
Price: $6,000,000
No. of Units: 26
Price/Unit: $230,769
Lot Size: 0.78 acres 
Property Type: Multi-family 
Zoning: RM5
2017 B.C. Assessment Value: $4,190,9000
City: Kelowna  
Province: B.C.
Name of Brokerage: HM Commercial Group - Macdonald Realty Kelowna 
 
 

Do you have a Done Deal you'd like to promote? Submit here for a free posting!

 

Jeff specializes in the sales of income-producing properties, foreclosures and development analysis for commercial properties.

HM Commercial Group – Macdonald Realty Kelowna
2700 Richter Street
Kelowna, B.C. V1Y 2R5
Office: 250-712-3131

Marshall specializes in investment properties, foreclosures and development land including shopping centres and multi-family properties.

HM Commercial Group – Macdonald Realty Kelowna
2700 Richter Street
Kelowna, B.C. V1Y 2R5
Office: 250-712-3130

Copyright © Western Investor

Email to a Friend

Close
Most Popular
Get the WesternInvestor.com Newsletter