Income-Producing Apartment Buildings with Surplus Land in Downtown Kelowna $ 4,990,000
1469 Bertram Street, Kelowna, BC

Income-Producing Apartment Buildings with Surplus Land in Downtown Kelowna $4,990,000.

1469 Bertram Street, Kelowna, BC


Property Description

HM Commercial Group is pleased to present this rare opportunity to acquire two income producing apartment buildings with surplus land in the heart of Downtown Kelowna.

Gibraltar Apartments features two apartment buildings with 26 rental units on a 0.78 acre lot. The buildings are comprised of 6 bachelor suites and 20 one bedroom suites, built between 1957 and 1965 (approx). The adjoining 10,454 SF lot is also available (1451 Bertram Street).

A few of the major highlights of this opportunity include:

  • Two rental apartment buildings with a gross building area of 18,651 SF
  • 26 units with 6 bachelor suites and 20 one bedroom suites
  • Well maintained building on a quiet street in a picturesque park-like setting
  • Unused building FAR of 25,552 SF exists with potential for increased density
  • Rents below market value, potential NOI of $278,941
  • Exceptional location just steps from Bernard Avenue shopping, restaurants, and more
  • 17 parking stalls on site with a wait list

PRICE
Price:           $4,990,000
Less:            <1,533,102> for surplus land
Net Value:    $3,456,898
Cap Rate:    8.1% on market-based rents
                    5.7% on current rents

1451 Bertram: $1,050,000

*1451 Bertram rented for $1,150/month plus 11 stalls at $65/month as of September 2017

Additional Information

Municipal Address1469 Bertram Street, Kelowna, BC
Legal DescriptionLot A, District Lot 139, Land District 41, Plan KAP15900, ODYD
PID008-678-171
LocationWell located in the heart of Downtown Kelowna, Gibraltar Apartments are centrally located just steps from historic Bernard Avenue. This property features an unbeatable location, just a 5 minute walk to Lake Okanagan, the new Marina, and a host of boutique shops, local restaurants, and professional services.
Building Area18,651 SF
Land Area0.78 acres
Parking17 parking stalls
ZoningRM5, Medium Density Multiple Housing
Taxes$10,720 (2016)

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E. & O. Insurance The information contained herein is assumed to be correct but is not guaranteed by the Listing Agent or Publisher and should be verified.

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Direct: 250.712.3130
Fax: 250.860.1600
info@hmcommercial.com

2700 Richter St. Kelowna, BC V1Y 2R5