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. (id:2493)More details
Incredible opportunity to invest in this 60' x 179.92 property with huge future potential. Solid older home with legal suite and great rental income. 5 bedrooms, 3 full baths and 2 laundries. The 2 properties next door 1036 & 1022 also for sale under commercial listing MLS 10243676. These three properties will offer total of .80+ acre land assembly with low rise multi family potential. Fantastic location, close to down town and Capri center. Close to all amenities. (id:2493)More details
Data was last updated January 25, 2022 at 05:15 AM (UTC)
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