$1,000,000

ID# 10311461

3339 Bothe Road
Kelowna, British Columbia V1W3M3

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:3942)

Virtual Tour

Courtesy of Century 21 Assurance Realty Ltd

Listed on: April 30, 2024

On market: 18 days

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GREG KILMARTIN

SALES REPRESENTATIVE

Office: (250) 860-1100

greg.kilmartin@yahoo.ca

Royal LePage Kelowna

#1 – 1890 Cooper Road

Kelowna, BC V1Y 8B7

Phone: (250) 860-1100

Toll Free: (800) 421-3214

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3339 Bothe Road Kelowna, British Columbia V1W3M3

3339 Bothe Road
Kelowna, British Columbia V1W3M3