Address
13608 97 Highway Summerland, BC
Price
$ 3,850,000
Property Attributes
  • ID#10243962
  • TypeMulti-Family
  • CitySummerland
  • NeighbourhoodPleasant View
  • Postal CodeV0H 1Z1
  • Style
  • Price$ 3,850,000
  • Bedrooms0
  • Bathrooms0
  • Half Bathrooms0
  • Lot Size2.387 Acres
Listing Provided Courtesy Of:
RE/MAX Kelowna
Data Source:
Canadian Real Estate Association
Property Description

Great investment opportunity for this 2.387 acre parcel in the heart of the growing community of Summerland. Currently operating at a projected 5.9%+ cap rate, this property has remarkable cash-flow and immediate development potential. Currently zoned CH (Highway Commercial Zone) to allow for highway-oriented sales + services; such uses as a carwash, gas bar, motel/hotel, service stations etc. are consistent with this zone. Potential to rezone to medium density residential, which would make for an excellent lake-view development. Upon an accepted offer, conceptual plans for a townhome development as well as preliminary drawings for extension of sewer to the subject property. May have long-term potential for higher density. 14 RV stalls + 14 (potential for 16 with the manager not using the upper rooms in the office) self contained units (currently operating as a motel, but with nightly rentals on a "per-month" basis), and an owners suite. There were vacancies this year for several upgrades in the units and RV alike, so there is potential to increase revenue. Where else in the Okanagan can you get such an outstanding cap rate with potential for revenue growth, in conjunction with premium lake-view development potential? Call your realtor today. (id:7434)

General Features

Building Type Multi-Family
CommunityName Pleasant View
More Information Link https://www.realtor.ca/real-estate/23906247/13608-97-highway-summerland-main-town
Neighbourhood Main Town
Ownership Type Freehold
Property Type Multi-family

Interior Features

Building Fireplace Present False

Exterior Features

Sewer Septic System
Viewtype Lake view

Amenities

  • Views
  • New Construction
  • Adult 55+
  • Lease To Own
  • No Strata Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in V0H 1Z1

Price
AVG $3.85M
$3.85M
Visits
AVG 20
19
Year Built
AVG 1950
1950