Marcus and Millichap is pleased to present investors the opportunity to acquire a quaint, well-located 9- unit apartment building in the sought-after rental market of Penticton, BC. The Property is ideally located within walking distance to many amenities, shops, and recreation, and provides tenants comfortable and bright accommodations in the heart of Penticton.
The building was constructed in two phases – in 1960 and 1964 – and features dual-boiler systems and one new (2019) hot water tank that supplies domestic hot water to the building. There is one laundry room with a new washer and dryer and large storage lockers are located in the basement with available storage to all tenants. The building is attractively clad in aluminum siding and the roof was replaced 10 years ago with a torch-on membrane.
Penticton apartment buildings have proven to be resilient during the COVID-19 crisis and this building has benefitted from strong management, resulting in 100% rent collection during 2020. A clean Phase-1 report from 2006 is available to prospective purchasers and additional photos and information is available upon request.
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