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Value-added potential in Penticton multifamily property sale

Renovations underpins the upside to 49-year-old building in prime location
This 17-unit multifamily rental building at 952 Dynes Avenue, Penticton, sold Feb. 1 for nearly $2.7 million.

DEAL | The sale of 952 Dynes Avenue, Penticton, a three-storey, 17-unit apartment building closed Feb. 1 for $2.67 million, in line with the assessed value. The price worked out to $157,059 per unit and a cap rate of 4.68 per cent. Built in 1975, the woodframe building sits on a 0.3-acre lot. Significant upside potential from renovations and resetting rents at market rates. Marcus & Millichap represented the vendor while Dan Chatfield and Trevor Buchan of Colliers represented the purchaser.

PRICE | $2,670,000

FROM | Patrick McEvay, James Blair, Adam Herman, Marcus & Millichap