909 Fairview Road
Penticton, British Columbia
MLS® 10403482
$2,995,000
- Status
- Active
- Property type
- Multi-family
- MLS® number
- 10403482
- Bedrooms
- —
- Bathrooms
- —
- Year built
- 1960
1 / 11Listing 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.
Property summary
- MLS® number
- 10403482
- Property type
- Multi-family
- Building type
- Multi-Family
- Title
- Freehold
- Land size
- 0.34 acres
- Built in
- 1960
- Annual property taxes
- $17,628.88
- Days on market
- 17 days
Features & details
- Cooling
- Wall unit
What would this home cost you?
Based on the $2,995,000 asking price at a 5.00% example rate, semi-annual compounding.
Renanza Realty Inc. can represent you on this property — send an enquiry to arrange a private viewing.
Listing courtesy of Chamberlain Property Group Inc., Penticton.
The listing data displayed here is provided in part by the Canadian Real Estate Association (CREA) through its Data Distribution Facility (DDF®) and is drawn from Boards and Associations across Canada. Information is deemed reliable but is not guaranteed accurate by CREA. The listings are held by brokerages other than Renanza Realty unless otherwise noted.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.