Apartment building on Penticton's Dynes Avenue sells for close to assessed value

Apartment building sold

A three-storey apartment building in Penticton recently sold for nearly $2.7 million, according to Western Investor.

The building at 952 Dynes Ave., which is home to 17 rental units, closed on Feb. 1 for $2.67 million, which was in line with its assessed value. Marcus & Millichap represented the vendor, while Dan Chatfield and Trevor Buchan of Colliers worked on behalf of the purchaser.

The price worked out to $157,059 per unit and a cap rate of 4.68% for the building, which was constructed in 1975.

Marcus & Millichap said the building offers plenty of potential for the new owner through renovations and the resetting of rents at market rates.

More Penticton News