WEST KELOWNA DEVELOPMENT OPPORTUNITY: 8 UNIT POTENTIAL ON 0.34 ACRES NEAR TRANSIT -- Premier development opportunity in West Kelowna's wine country. This 0.34-acre property, ideally suited for an 8-unit residential project, is located on a corner lot with access from both Boucherie Road and Hudson Road. New West Kelowna zoning regulations allow subdivision into 2 parcels, each permitting the construction of one duplex where each side of the duplex can have its own rental suite and can be up to 3 floors. The subdivision has been approved but is waiting on utilities, with the sale contingent upon the completion of the subdivision. Currently, the site hosts a 5-bedroom, 3-bathroom dwelling, divided into a legal 2-bedroom basement suite and a 3-bedroom upstairs suite, generating an annual gross revenue of $65,820, providing an excellent holding opportunity while awaiting development. The flat terrain simplifies construction, and its strategic location in a growing area near transit routes aligns with legislative incentives for increased housing density. Each duplex has the potential to generate roughly $126,000 per year at today's rental rates, making this property an exceptional investment opportunity. This property offers a unique chance to contribute to urban development in West Kelowna while tapping into the lucrative potential of the region's real estate sector. An excellent investment opportunity with substantial current revenue and future growth potential. (id:43014)
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