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351 Westminster Av W 5,932 SF 100% Leased Retail Building Penticton, BC V2A 1K3 $1,950,000 CAD ($328.73 CAD/SF)
Investment Highlights
- Existing structures on-site generate holding income to offset carrying costs through pre-development phase.
- Offers reduced parking requirements and expedited approvals.
- Limited comparable supply in Penticton’s downtown core.
- Steps from Okanagan Lake, Main Street and the South Okanagan Events Centre.
Executive Summary
Rare opportunity to acquire a DP-ready multifamily development site in the heart of Penticton's downtown core. Situated on a highly visible corner lot with direct frontage on Westminster Ave W, one of Penticton's primary arterial corridors, this 0.311-acre site offers immediate proximity to Okanagan Lake, Main Street dining and retail, and the South Okanagan Events Centre. All development permit work is complete with entitlements secured and a full architectural drawing package prepared. The approved design calls for a 6-storey, 36-unit marketing apartment building totaling 44,665 SF of net floor area with units averaging 1,100 SF. Existing structures on site provide immediate cash flow to offset carrying costs through the pre-development period. Penticton continues to experience strong population growth and sustained demand for quality multifamily housing, with the municipality actively supporting increased residential density through expedited approvals and transit-oriented development initiatives. Full DP drawing package, financial proforma, and due diligence material available in the data room upon execution of a confidentiality agreement - contact the listing agents for access.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
5,932 SF
Building Class
C
Year Built
1967
Price
$1,950,000 CAD
Price Per SF
$328.73 CAD
Percent Leased
100%
Building Height
1 Story
Building FAR
0.44
Lot Size
0.31 AC
Zoning
C6 - Urban Peripheral Commercial
Moderately walkable
70/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
70/100
Nearby Major Retailers
1 of 5
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351 Westminster Av W
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