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1441 Richter Street, Kelowna, British Columbia V1Y 2M1

$1,399,900

Property Description

This Historic Building Known As The C. Martin House Has Been Converted To Operate As A 9-Room Boarding House. Sitting On A Double Lot, This Building Has Approximately A 4.4% Cap Rate On Asking (Currently Rented For Substantially Below Market Rents), But It Should Be Able To Achieve At Least A 6% Cap Rate, At Market Rents. All 9 Of The Rooms In The Building Have Their Own Full Bathroom. 8 Of The 9 Rooms Have Their Own Countertop With Sink And Fridge, And The 9th Room Is Substantially Larger And Has A Full Kitchen. The Basement Contains Coin-Operated Laundry And Storage Lockers For Each Room. The Large Garage Is Also Rented Out As Storage To A Local Business. Many Of The Residents Have Happily Lived Here For Several Years. The City Has Said That They Are Open To The Idea Of Allowing Nightly Rentals In The Building, So Summer Vacation Rentals Along With Furnished Monthly Rentals In Winter Would Likely Be Possible, If Desired To Further Increase Revenue (Buyer To Investigate). For More Informationor To Arrange Your Own Private Viewingplease Call, Text, Or Email Kattlin Stass Of Century 21 Assurance Realty Ltd At 250.515.2649 Or Kattlin.stass@century21.ca (Id:21818)

Baseboard Heaters Landscaped, Fully Landscaped

Property Details

MLS® Number 10146353
Amenities Near By Shopping, Schools, Park, Public Transit Features Central Location, Corner Site, Visual Exposure, Flat Site, Level Parking Space Total 9 Property Type Multi-family

Building

Constructed Date 1907 Exterior Finish Wood Siding Fireplace Present No Heating Type Baseboard Heaters
Roof Material Asphalt Shingle Roof Style Conventional Type Multi-family Utility Water Municipal Water

Rooms

Land

Access Type Easy Access Acreage No Land Amenities Shopping, Schools, Park, Public Transit Landscape Features Landscaped, Fully Landscaped
Sewer Municipal Sewage System Size Irregular 0.28 Size Total 0.28 Ac|under 1 Acre Size Total Text 0.28 Ac|under 1 Acre

Map

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