Sold for $820,000

$820,000

Sale Price

8

Total Units

1972

Year Built

5.06%

Cap Rate

DESCRIPTION

Okanagan 8plex apartment building sold at 8710 Tomlin St, Summerland.  

‘Tomlin Apartments’ presents a valuable opportunity to own a cash-flow 8-plex in popular Summerland, British Columbia.

Each unit contains one bedroom and one bathroom. Every unit has its own entrance and two dedicated parking spots including carports.

Building is in good condition for its age. The asphalt roof is less than 10 year old. Electric heat and air conditioning is paid by tenants, all on separate meters. Minor work to second floor balconies may be required. Two suites have been fully renovated and others are in solid condition. Tenants are mostly long-term renters with several residing in the building for more than 10 years.

Development potential includes an option to build 8 additional units beside the existing structure.

Summerland vacancy rate is constantly low and in high demand.

SPECIFICATIONS

Property Type · Apartment Building
Price Per Unit · $102,500
Lot Size · 24,829 Sq Ft
Suite Mix · 8 x 1-Bedroom Suite w/ Separate Entrance
Parking · 9 Surface Parking, 7 Carports

HIGHLIGHTS

• High-Demand Location in Summerland

• Complex is Always Full, No Vacancy

• Same Owners for Nearly 30 Years

• Large Lot with Possibility to Add Units

LOCATION

8710 Tomlin Street
Summerland, BC V0H 1Z4

Legal Description
Lot 1 & 2 Plan KAP20382 District Lot 473 Land District 41

PID
007-900-724, 007-900-732

Assessed Value (2019)
$778,000