13608 97 Highway

$3,850,000

10243962
MLS#

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.

Request More Info

Scott Marshall

(250) 470-2388
RE/MAX Kelowna

Overview

  • Price $3,850,000
  • MLS # 10243962
  • Age 1950
  • Water Municipal water
  • Sewer Septic System
  • View Lake view

Contact Scott for more information or to set up a viewing.

Contact Us (250) 470-2388