350, 380, 351, 381 Shuswap and 1st Street SE

Description

This 1.22 acre assembly represents current investment revenue for immediate cash flow, coupled with the possibility of future development to high density. Situated in walkable location, in close proximity shopping centers and downtown Salmon Arm. The site currently consists of four lots under four separate titles, featuring a total of 16 rental units organized into four well-maintained fourplexes. These units are occupied by stable, long-term tenants on month-to-month agreements, providing a reliable revenue stream, currently providing an estimated 5.5% Cap Rate. The makeup consists of 15 two bedroom apartments and 1 one bedroom apartment, ranging in size from 450 square feet to 850 square feet. There is 1 two story home with 4 units, two one level with 4 units on crawl spaces and another one level on a full basement. The full basement has a shop space, storage and a shared laundry for the tenants providing another source of revenue. Designated parking and easy access for all tenants. The future potential of the combining of the lots and rezoning to a higher density is part of the Official Community Plan for Salmon Arm and lends itself to many different options to find the right project. (id:63159)

Property Details

Annual property tax

$16,680

Brokerage

Royal LePage Access Real Estate

Location Insights

Population

19,432

(2021 Census)

+9.7% since 2016

Density

125.2/km²

Dwellings

8,517

Median household income

$75,000

After-tax

$68,000

Immigrant population

10.2%

Top countries of origin

• United Kingdom2.4% · 460
• United States of America1.1% · 210
• Germany0.9% · 170
• Netherlands0.7% · 145
• Philippines0.7% · 140
• Poland0.3% · 55
• China0.3% · 55
• India0.3% · 50

Source: Statistics Canada, 2021 Census of Population.

Weather

24°C

—

Humidity 53%

Wind NNE 6 km/h

Today

24°

Tonight

14°

Thursday

22°

Thursday night

6°

Friday

20°

Friday night

8°

Source: Environment and Climate Change Canada.