WEST KELOWNA DEVELOPMENT OPPORTUNITY: 8 UNIT POTENTIAL ON 0.34 ACRES NEAR TRANSIT -- Premier development opportunity in West Kelowna's wine country. This 0.34-acre property, ideally suited for an 8-unit residential project, is located on a corner lot with access from both Boucherie Road and Hudson Road. New West Kelowna zoning regulations allow subdivision into 2 parcels, each permitting the construction of one duplex where each side of the duplex can have its own rental suite and can be up to 3 floors. The subdivision has been approved but is waiting on utilities, with the sale contingent upon the completion of the subdivision. Currently, the site hosts a 5-bedroom, 3-bathroom dwelling, divided into a legal 2-bedroom basement suite and a 3-bedroom upstairs suite, generating an annual gross revenue of $65,820, providing an excellent holding opportunity while awaiting development. The flat terrain simplifies construction, and its strategic location in a growing area near transit routes aligns with legislative incentives for increased housing density. Each duplex has the potential to generate roughly $126,000 per year at today's rental rates, making this property an exceptional investment opportunity. This property offers a unique chance to contribute to urban development in West Kelowna while tapping into the lucrative potential of the region's real estate sector. An excellent investment opportunity with substantial current revenue and future growth potential. (id:47421)
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Detailed Information
Features
Irregular lot size, One Balcony
Listing Contract Date
2024-01-22
Municipal ID
023-024-259
Ownership Type
Freehold
# of Parking Spaces
5
Property Type
Multi-family
Transaction Type
For sale
Views
View (panoramic)
Zoning
Unknown
Building
Appliances
Refrigerator, Dishwasher, Dryer, Range - Electric, Washer
Architectural Style
Ranch
Basement Type
Full
Constructed Date
2002
Cooling Type
Central air conditioning, Heat Pump
Exterior Finish
Stucco
Fireplace Fuel
Gas
Fireplace Present
Yes
Fireplace Type
Unknown
Flooring Type
Carpeted, Laminate
Heating Fuel
Electric
Heating Type
Forced air, Heat Pump, See remarks
Roof Material
Asphalt shingle
Roof Style
Unknown
Stories Total
2
Type
Multi-Family
Utility Water
Municipal water
Parking Spaces
Name
Spaces
Attached Garage
2
Land
Total Size
0.34 acres
Sewer
Municipal sewage system
Size of Irregular Land
0.34
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