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498 Ellis Street | Penticton, Okanagan

New Listing

Asking Price: $3,274,800

  • Built in 1960
  • 17,660 sq.ft. (0.413 sq. acre) lot
  • 15,254 sq.ft. property
  • Zoning: C5
  • Taxes: $ 16,597.66 (2020)
  • Commercial Listing REBGV: C8037209
  • South Okanagan Real Estate Board: 188266

MLS# C8037209

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The W. C. Parker Building is one of Penticton's most iconic office buildings. Located in the heart of the professional district, it is fully occupied by a major accounting firm, a law office & a corporate office which are housed on the 1st & 2nd floors of the building. Downstairs there are 7 small offices & are fully occupied by a variety of tenants, either on leases or on month to month tenancies. The building has a total of 15,254 sq. ft. on the 3 floors with the lot being .172 ac. The huge bonus in this package is the .241 ac. paved parking lot across the rear lane with 33 stalls. Together, the total land size is .413 ac. or 17,990 sq.ft. C5 zoning allows for a wide variety of redevelopment options for the parking lot. Most obvious is to do a 2 level parkade with several floors of condos above. If you remove the parking lot revenue & expenses, the building shows a Cap Rate of 5% on its own. The whole package of the building & parkinglot shows a 4.15% Cap Rate for the 2021 budget.

Details

Property Class:Detached
Property Type:Manufactured
Style of Home:2 Storey
Gross Taxes:$16,597.66 (Tax year 2020)
Approx. Year Built:1960
Total Floor Space:15,254 (sq.ft.)
Number of Levels:3
Lot Size:0.41 (Acres)
Construction:Concrete Block
Parking Type:Open private parking space
Total Parking Spaces:16 plus
Title to Land:Freehold NonStrata
Zoning:C5
MLS® #:C8037209

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