Offering a 1.89% assumable mortgage and strong rental income potential, this property is an excellent investment opportunity—ready 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 aid any future development in being a big success! Good rental revenue potential ensures that you can live in the home or rent it out until the timing is right to redevelop or cash out. If the existing mortgage is assumed, the property would generate approximately $1,200/mo in positive cashflow until you are ready to redevelop it (based on past 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 latest 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:4069)
Address
3339 Bothe Road
List Price
$900,000
Property Type
Single Family
Type of Dwelling
House
Area
British Columbia
Sub-Area
Kelowna
Bedrooms
6
Bathrooms
3
Floor Area
2,451 Sq. Ft.
Lot Size
0.16 Sq. Ft.
Year Built
1976
MLS® Number
10338319
Listing Brokerage
Century 21 Assurance Realty Ltd
Basement Area
Full
Postal Code
V1W3M3
Site Influences
Golf Nearby, Park, Recreation, Schools, Shopping, View
Features
Level lot, Corner Site, Two Balconies
