Okanagan 8plex, 8710 Tomlin Rd, Summerland Okanagan

$820 000
MLS No: 163182
Property type: Apartment Building
Area (Sq Ft)
6,000
Units
8
Price Per Unit
102,500
Cap Rate
5.06
GRM
14.77

Specifications

  • Land Size: 24,829 Sq Ft
  • Year Built: 1971

Description

SOLD 8plex apartment building at 8710 Tomlin St, Summerland.  Tomlin Apartments presents a valuable opportunity to own a cash-flow 8-plex in popular Summerland, British Columbia.

Each of the 8 units contains one bedroom and one bathroom. Every unit has it’s own entrance to outside and 2 dedicated parking spots including 7 carports.

Building is in good condition for it’s 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.

Contact the Agent

Seth Baker

Managing Broker & Owner
Phone
(778) 235-9293
Fax
(778) 650-0350
Address
119 W Pender St, Suite 104
Vancouver, BC, V6B 1S5
Combine bold entrepreneurship, incisive analysis and elite salesmanship, and you have Seth Baker. As Owner of Multifamily Real Estate Services, Seth founded his own real estate brokerage company dedicated to selling some of the world’s most valuable apartment buildings. He is a master communicator and skillful analyst. He has a diverse background with a unique combination of street smarts, business, and data technology. This background allows Seth to maintain priceless market data while building powerful relationships with multifamily investors and developers. Ask him about how to get people to agree. It’s his secret talent. Seth Baker has led an impressive career in real estate brokerage. He is personally responsible for more than $125,000,000 in real estate sales, a number that’s growing daily.  He has contributed to a number of industry organizations including LandlordBC, Vancouver Board of Trade, BC Non-Profit Housing Association, Greater Vancouver Home Builders Association and Urban Development Institute.…




Click the small box beside "I'm not a robot" so a green check mark appears. Then click the Contact
Seth button.

Tags