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783 Martin Street | Penticton, Okanagan

By Appointment

Asking Price: $699,800

  • 0.25 acre flat site close to downtown
  • Zoning: RM3
  • 60 x 178 foot lot
  • 10,693 sq.ft. lot
  • Home built in 1910
  • Taxes: 2,539.52 (2019)
  • Commercial Listing REBGV: C8028716
  • South Okanagan Real Estate Board: 180997

MLS# R2415711

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Attention Developers: Here is a 1/4 ac. flat site close to downtown that has been rezoned to RM3. Initial concept plans have been drawn for 7 townhouses & the DP is substantially approved for this project. The planned units are 3 storey & have 3 BR, 2.5 baths & a double garage. See LR for a package of plans, Survey Certificate & project Pro Forma. Existing house is possibly pre-WW1 & offers large rooms with high ceilings on the main floor. Some updates have been done to the kitchen, bath, flooring & roof. Has been rented for $1750/mo. House is of little value - the value is mostly in the land & the development potential. Located across from the Library & close to public transit. Size doesn't include the unheated back porch. Large veranda at front.

Details

Property Class:Detached
Property Type:House/Single Family
Style of Home:2 Storey
Total Bedrooms:2
Full Bathrooms:1
Gross Taxes:$2,540 (Tax year 2019)
Approx. Year Built:1910
Total Floor Space:1,794 (sq.ft.)
Number of Levels:2
Basement Area:None
Frontage:60 (ft.)
Depth:178 (ft.)
Lot Size:10,693.00 (sq.ft.)
Lot Size:0.25 (Acres)
Main Directional Exposure:Southwest
Construction:Concrete Block
Fireplaces:1
Title to Land:Freehold NonStrata
MLS® #:R2415711

LOCATION

  • 0.25 acre flat site close to downtown
  • Zoning: RM3
  • Concept plans for seven townhouse units
  • Development Permit substantially approved for project
  • Across from the Penticton Public Library
  • Close to transit

SCHOOLS

  • Sir Richard McBride Elementary, Sir Charles Secondary
  • Penticton Secondary School
  • KVR Middle School
  • Penticton Christian School

HOME

  • Home is currently tenanted until November 1/19
  • Home rents for $1,750/month
  • 2 bedrooms
  • 1 bathroom

LIVING FEATURES OF PROPOSED TOWNHOUSE UNITS

  • 3 storeys
  • 3 bedrooms
  • 2.5 bathrooms
  • Double garage
  • Seven units total, in two buildings

OTHER FEATURES OF THE HOME

  • Proforma available upon request
  • Proforma shows an anticipated 20.49% gross return on investment without leverage

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