$2,995,000 Sale

Listed 8 days ago

909 Fairview Road

MLS® 10403482 Multi Family

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Beds · 0

Baths · 0.0

Parking · 0

Sqft · -

Est. mortgage

$11,362/mo

Key Facts

Key facts for 909 Fairview Road

Property Type

Apartment

Parking

Garage: No, 0 parking

MLS #

10403482

Size

Basement

Listed on

Lot size

Tax

Days on Market

Year Built

1960

Maintenance Fee

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 i...mprovements 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. (id:10452)

Full Property Details

Interior

Washrooms

0.0

Air Conditioning

Wall unit

Full Bathrooms

Half Bathrooms

Washrooms

0.0

Air Conditioning

Wall unit

Full Bathrooms

Half Bathrooms

Exterior

Acreage

0.34 ac|under 1 acre

Parking Spaces

Garage Spaces Y/N

Acreage

0.34 ac|under 1 acre

Parking Spaces

Garage Spaces Y/N

Building Description

Home Type

Apartment

Subtype

Multi Family

Year Built

1960

Sewers

Municipal sewage system

Water Supply

Municipal water

Fire Protection

Security

Home Type

Apartment

Subtype

Multi Family

Year Built

1960

Sewers

Municipal sewage system

Water Supply

Municipal water

Fire Protection

Security

Community

Main North

Area Code

Penticton

Community

Main North

Area Code

Penticton

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Ivonne Myrick

Email: [email protected] Cell: 250-300-1211