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Offering a 1.89% assumable mortgage and strong rental income, this corner lot is the perfect holding property for future development. The land is already zoned to accommodate up to 6 townhouses and is located on a quiet street close to all that the South Pandosy neighbourhood has to offer—shopping, restaurants, beaches, schools, H2O Centre, public transit, and much more. Higher floors will enjoy beautiful pastoral views in almost every direction and will aide your future development in being a big success! Good rental revenue from the tenants in the existing house ensures that you can take your time perfecting your development plans and then build when the time is right. If the existing mortgage is assumed, the property will generate approximately $700/mo in positive cashflow until you are ready to redevelop it (based on current rental income and a 20% downpayment). The increased Property Transfer Tax Exemption on new construction means that a buyer can now purchase an $850k townhouse with less than $65k down if they included the GST in their mortgage. Furthermore, the upcoming change allowing high-ratio mortgages to amortize new construction over 30 years could result in said buyer’s mortgage payment being less than $4k/mo (assuming 4% interest rate at time of project completion). Sample floor plans have been provided to demonstrate what is possible, but the extensive street frontage of this lot provides considerable flexibility to realize your own development vision. (id:43014)
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Lower Mission real estate is considered by many to be the gem of Kelowna. Located on the east side of the Okanagan Lake, just south of Kelowna's downtown. This desirable area is home to some of Kelowna's best beaches, as well as many boutiques, cafes, banks, and medical offices. In the heart of the Lower Mission you'll find Pandosy Village: an area peppered with family run businesses and noticeably void of big box chain stores. The residential real estate market in the Lower Mission offers something for everyone, from town homes, condos, vacation rentals, gated communities, family homes, to luxurious multi-million dollar lakefront homes.
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