Address
13608 97 Highway, Summerland, BC
Price
$ 3,850,000
Property Attributes
  • ID#10243962
  • TypeMulti-Family
  • CitySummerland
  • NeighbourhoodMain Town
  • Postal CodeV0H 1Z1
  • StyleMulti-Family
  • Price$ 3,850,000
  • Bedrooms0
  • Bathrooms0
  • Half Bathrooms0
Listing Provided Courtesy Of:
Scott Marshall with RE/MAX Kelowna
Data Source:
RLP - CREA EN
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:27)

Exterior Features

Jumpid 16781684
Mls 10243962

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 25
25
Year Built
AVG 1950
1950