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 improvements 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:67517)
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Property Details
MLS® Number 10403482 Property Type Multi-family Neigbourhood Main North -
Building
ConstructedDate 1960 CoolingType Wall Unit FireProtection Security Type Multi-family UtilityWater Municipal Water -
Land
Acreage No Sewer Municipal Sewage System SizeIrregular 0.34 SizeTotal 0.34 Ac|under 1 Acre SizeTotalText 0.34 Ac|under 1 Acre -
Rooms
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Utilities
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October 16 2026 12:32:26
Association of Interior REALTORS®
