583 Ellis Street, Main North, Penticton

583 Ellis Street

Main North, Penticton

583 Ellis Street

Main North, Penticton

$1,049,000

Bedroom icon2 Beds
Bathroom icon1 Bath
Squarefootage icon888 sqft

About this House in Main North, Penticton

Multi-family development site in an excellent location close to the downtown core in Penticton. RM5 Zoning pending. Seller has a pending City of Penticton development permit & building permit application for an 8 unit purpose built rental building. Most due diligence has been completed on the project which includes: building plans, energy model and, feasibility studies. Excellent return once the project is complete with an estimated 5.6% Cap Rate. The Seller is willing to work with a qualified Buyer on the build out of this project. This property can be sold individually or in conjunction with the neighbouring property 575 Ellis Street, to allow a total of 16 rental units. Currently, there is an older house on the property that is utilized as a vacation rental. This is in an excellent location close to schools, shopping and Okanagan Lake. Excellent opportunity to benefit from the strong rental market in Penticton. (id:14735)

Listed by RE/MAX PENTICTON REALTY - DT.

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Features

  • MLS®: 188887
  • Type: House
  • Bedrooms: 2
  • Bathrooms: 1
  • Square Feet: 888 sqft
  • Lot Size: 4,008 sqft
  • Full Baths: 1
  • Storeys: 1 storeys
  • Style: Wood frame

Contact Norm now to see this property in person!

250-809-1875