$950,000 FOR SALE

Land

Lot: 73 x 0 ft

3339 Bothe Road
Kelowna, BC V1W 3M3 | Springfield/Spall

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:47423)

Share

Listed By Century 21 Assurance Realty Ltd
Data Provided By Association of Interior REALTORS®
MLS® Listing Number 10311461
Last Updated Sep 14, 2024
Property Summary
Property Type Land

More like this:
Neighbourhood Springfield/Spall
Price History
Interested in obtaining the full price history for this property?
Contact us!Contact us! Our real estate professionals would be happy to provide a complete listing history with historical sold prices and dates.

Detailed Information
Lot 73 x 0 ft
Amenities Nearby Golf Nearby, Park, Recreation, Schools, Shopping
Community Features Rentals Allowed
Features Level lot, Corner Site
Listing Contract Date 2024-04-30
Municipal ID 011-621-605
Ownership Type Freehold
Property Type Vacant Land
Road Paved road
Transaction Type For sale
Views Mountain view, Valley view, View (panoramic)
Zoning Multi-Family
Building
Type Other
Utility Water Municipal water
Utilities
Type Description
CableAt Lot Line
ElectricityAt Lot Line
Natural GasAt Lot Line
TelephoneAt Lot Line
SewerAvailable
WaterAt Lot Line
Land
Total Size 0.16 acres
Access Type Easy access
Amenities Golf Nearby, Park, Recreation, Schools, Shopping
Current Use Development residential
Landscape Features Landscaped, Level
Sewer Municipal sewage system
Size of Irregular Land 0.16

The information contained on this site is based in whole or in part on information that is provided under copyright by the Toronto Regional Real Estate Board (TRREB) or by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. TRREB and CREA reproduce and distribute this information as a service for their members and assume no responsibility for its accuracy. All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations of any kind are made with respect to the accuracy of such information.
The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purpose or any other purpose.