Jonathan Wall Presents: 402 Industrial Avenue + 1840-1860 Government Street

Commercial Purchase Opportunity

Includes 402 Industrial & 1840-1860 Government

Don't miss out on this rare opportunity to purchase .88 acres right on a high traffic corner in Penticton, BC. Approx. 16,000 sq. ft of M1 zoned buildings with amazing exposure fronting onto both Industrial Ave. and Government St. with plenty of room for parking or further development. Close to Penticton Regional Hospital and the mixed use development slated for 1704 Government St., this site has incredible potential for further development and growth.

Penticton’s New Center

The property is adjacent to the Penticton General Hospital campus as well as the recently approved project at 1704 Government St. that will be the largest mixed-use development in the City’s history. (see image below and details attached). This project’s plans include the potential for 1200-1500 apartments as well as retail and office space just steps from this property.

Industrial Land Value

As per BC Assessment, the property’s assessed value has increased 35% this year. This growth can be attributed, at least in part, to the adjacent development and compounded by the shortage of industrial land currently available. The nearby development will enhance the neighbourhood and bodes well for this property’s future value and potential.

Based on the current M1 zoning requirements and after deducting the front and side setbacks we project to a potential buildable footprint of approx. 25,300 sqft. With a 15m/49.5’ maximum height, you could potentially construct 4 or 5 levels for a total of 100,000 to 125,000 sqft.

on two major streets provides multiple access points for loading and parking and the location on a busy intersection also has potential for a drivethru with city approval.

Frontage

Entire building was brought up to current 2018 BC Building Codes in 2021, including fire and smoke separation between all tenant demising walls, and fire exit corridors.

Approx 50% of roof replaced

Approx NOI $130,000 - Market rates project to Approx. $200,000

Most leases are below market rates and some well below market rates

Rent roll and additional drawings available upon request

Building Plan and 2021 Upgrades