Millbridge House
Kelowna, British Columbia
Building
Stats
- Property Type Multifamily - Low-Rise/Garden
- Year built 1979
- Building size (SF) 39,584
- Price $11,500,000 CAD
Overview
The Avison Young Multi-Family Team and Venture Commercial are pleased to offer for sale Millbridge House located at 2040 Gordon Drive in Kelowna, BC (the “Property”). The Property offers investors a rare and unique opportunity to acquire a 48-unit rental apartment building on a large 40,511 sf corner lot with future development potential. The Property features a superb suite mix with large spacious units that have been well maintained. Current rents are well below market offering significant income growth though natural tenant turnover and in-suite renovations.
Highlights
Excellent Suite Mix
- 21 one-bedroom suites
- 27 two-bedroom suites
Large Units
- Average unit size of 825 sf
Land Size
- 40,511 sf (0.93 acres)
Future Redevelopment Potential
- Maximum building height of 6 storeys at a maximum development density of 1.8 FSR is permitted on the property under the existing OCP designation
Low Vacancy
- City of Kelowna has a 0.6% vacancy rate as per CMHC Fall Market Report 2021
Value Add
- Potential to add parking revenue upon tenant turnover
- Rents significantly below market offering potential for tremendous rental growth
