1469 Bertram Street, Kelowna, BC
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:
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
|Municipal Address||1469 Bertram Street, Kelowna, BC|
|Legal Description||Lot A, District Lot 139, Land District 41, Plan KAP15900, ODYD|
|Location||Well 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 Area||18,651 SF|
|Land Area||0.78 acres|
|Parking||17 parking stalls|
|Zoning||RM5, Medium Density Multiple Housing|
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.