Kelowna multi-family rental building sold for nearly $186K per door

Apartment building with 16 units fetches $2.9 million, more than its assessed value

A 16-unit residential rental complex in downtown Kelowna has sold for $2.97 million, which was more than its assessed value but slightly below asking price, according to MCL Real Estate Group. The sale price is equivalent to almost $186,000 per suite.

Breakdown:

Property type: Multi-family rental

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Location: 1181-1191 Bernard Avenue, Kelowna

Number of units: 16

Size of building: 37,604 square feet

Size of land: 87 acres

Zoning: RM3

B.C. Assessment value: $2.68 million

List price: $3.1 million

Sale price: $2.97 million

Date of sale: March 16, 2020

Listing brokerage: Engel & Volkers

Listing brokers: Michal Gook, Blaine Vernon-Jarvis

Buyer's brokerage: MCL Real Estate Group

Buyer's agent: Ken McLaughlin

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