400-420 Laurel Road

$4,950,000

10243911
MLS#

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Description

Opportunity for a near 1 acre property with holding income and upside through redevelopment. CURRENT SITUATION: Eleven (11) townhouse rental units (all 2 BR/1.5 Bath, fully rented). Gross Income per Month of $18,730. 3.8% Yield after operating costs. REDEVELOPMENT ANALYSIS: The Property is 214 deep with approximately 180 of frontage and because its greater than 1,400 sq. metres, the City of Kelowna may consider an application for MF3 APARTMENT ZONING, which allows apartments up to 6 storeys in height, but support here would likely be for up to 4 storeys. Total Land Area: 0.89 acres (38,768 sq.ft) Maximum Base Density (MF3): 1.75 FAR (1.3 FAR if 4 storeys). Projection: 62,029 sq.ft. of Net Saleable Area (1.3 FAR with 0.3 bonus). $80.38/Saleable Sq.Ft including density bonusing. Estd Yield: 69 units (900 sq.ft. Avg Size) = $72,338/unit.

Overview

  • Price $4,950,000
  • MLS # 10243911

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