FOR SALE. 129 Wyndham Crescent Kelowna, BC. Excellent opportunity to purchase a 1.05 acre multi-family building site in the Glenmore neighbourhood

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1 FOR SALE 129 Wyndham Crescent Kelowna, BC PROPERTY DETAILS: Excellent opportunity to purchase a 1.05 acre multi-family building site in the Glenmore neighbourhood Planned 50 unit condo-residential building over 4 storeys Excellent micro suite opportunity, (increase density to 90+units) Walking distance to schools, grocery/shopping and only a 10 minute drive to Downtown Kelowna, Lake Okanagan and a quick drive to UBC Okanagan RM5 zoning in place

2 FOR SALE 129 Wyndham Crescent Kelowna, BC HM Commercial Group is pleased to present this opportunity for a 1.05 acre multi-family building site in the Glenmore neighbourhood, walking distance to schools, grocery/shopping and only a 10 minute drive to Downtown Kelowna and Lake Okanagan. It will benefit greatly from future extension of John Hindle Drive in 2017, a shortcut connector to UBC Okanagan and Kelowna International Airport. The site already has RM5 zoning in place and was submitted for Development Permit with the City of Kelowna, DP Application: DVP Previously, the property was proposed for development as a 50 unit condo/strata-titled building, described as the following: 50 unit condo-residential building; 4 storeys of wood-frame over concrete parking garage Gross building area of 102,502 sq.ft. and an FAR of on-site parking stalls (including 1 WC and 33 small car stalls), 7 as visitor 38% building site coverage; 55% including driveways and parking. 25 x Class 1 bicycle stalls, 48 storage lockers Group C classification for building, which is sprinklered throughout (garage is an F3) Proposed mix is 100% as 2 bedroom units (some with den) 1,106 sq.ft. common lounge on ground floor with multiple outdoor barbecue stations Interior finishes for the suites are proposed for shaker-style cabinets and granite countertops and hardwood/tile floors & backsplashes PRICE: $2,100,000 2

3 PROPERTY DETAILS CIVIC ADDRESS LEGAL DESCRIPTION 129 Wyndham Crescent, Kelowna, BC Lot 26, Section 4, Township 23, ODYD, Plan KAP51847 PID LAND AREA ZONING (CURRENT) FUTURE LAND USE (OCP) 1.05 acres RM5, Medium Density Multiple Housing MRM, Multiple Unit Residential (Medium Density) PROPERTY TAXES $7,969 (2016) 3

4 AERIAL MAP The property is well located on Wyndham Crescent with visibility from Glenmore Road, within walking distance to schools, grocery/shopping and only a 10 minute drive to Downtown Kelowna and Lake Okanagan. 4

5 LOT VIEW 5

6 PROPERTY PHOTOS 6

7 RENDERING 7

8 PROJECTED RENT ROLL Unit Type Position # of BR Size (Sq.Ft.) Rent/Mth Rent/ Sq.Ft. (per Month) 101 D1 In-Line $ 1,750 $ C1 In-Line $ 1,750 $ B1 In-Line $ 1,795 $ A1 corner $ 1,850 $ H1 corner $ 1,925 $ M1 In-Line $ 1,750 $ M1 In-Line $ 1,750 $ G1 End-Unit $ 1,950 $ F1 In-Line $ 1,700 $ F1 In-Line $ 1,700 $ E Corner $ 1,850 $ D In-Line $ 1,750 $ C In-Line $ 1,750 $ B In-Line $ 1,795 $ A corner $ 1,850 $ H corner $ 1,925 $ M In-Line $ 1,750 $ M In-Line $ 1,750 $ J In-Line $ 1,900 $ G End-Unit $ 1,950 $ F In-Line $ 1,700 $ F In-Line $ 1,700 $ K In-Line $ 1,850 $ L Corner $ 1,750 $ $ 43,190 8

9 PROJECTED RENT ROLL Unit Type Position # of BR Size (Sq.Ft.) Rent/Mth Rent/ Sq.Ft. (per Month) 301 D In-Line $ 1,750 $ C In-Line $ 1,750 $ B In-Line $ 1,800 $ A corner $ 1,900 $ H corner $ 1,950 $ M In-Line $ 1,750 $ M In-Line $ 1,750 $ J In-Line $ 1,850 $ G corner $ 1,900 $ F In-Line $ 1,700 $ F In-Line $ 1,700 $ K In-Line $ 1,850 $ L Corner $ 1,775 $ D2 In-Line $ 1,750 $ C2 In-Line $ 1,750 $ B2 In-Line $ 1,750 $ A End-Unit $ 1,850 $ H End-Unit $ 1,850 $ M2 In-Line $ 1,800 $ M2 In-Line $ 1,800 $ J In-Line $ 1,850 $ G End-Unit $ 1,900 $ F2 In-Line $ 1,700 $ F2 In-Line $ 1,700 $ K2 In-Line $ 1,850 $ L2 Corner $ 1,800 $ 1.54 Sub-Total $ 46,775 $ 1.50 All Floors $ 89,965 $ 1.50 X 12 $ 1,079,580 per Year Avg Rent /suite: $ 1,799 $ 1.50 per Mth Note: Floorplan F shows as a den on plans, but is really an alcove (4'2"x4'10") per suite Miscellaneous Revenue # Avail. Item For Rent Pro-Forma Rent / Unit Rent / Month Rent / Year Parking $ 35 $875 $10,500 Storage $ $1,115 $13,380 9

10 CITY OF KELOWNA FINANCIAL INCENTIVES The City has several financial incentives to achieve affordable housing including: THE HOUSING OPPORTUNITIES RESERVE FUND The intent of the Housing Opportunities Reserve Fund is to encourage the development of affordable housing. The Fund relies on taxation, land sales, revenues and other resources. The money is used to acquire lands suited to development opportunities that would include affordable housing. Land would then be leased or sold to builders, non-profit housing societies, developers and others to achieve projects that include a proportion of affordable housing. The City now offers Affordable Rental Housing Grants in return for the provision of affordable rental housing. Additional funds are set aside to help offset a portion of Development Cost Charges for new affordable rental housing. AFFORDABLE RENTAL HOUSING GRANTS The deadline to apply for a rental housing grant is September 30th each year. The City of Kelowna offers $200,000 in grants to encourage the construction of affordable rental housing units. Funds are distributed based on the number of dwellings that qualify. Grants up to $5000 / unit are available for new affordable rental housing, including a purpose-built rental building with 5 or more dwellings. In addition $120,000 has been budgeted annually to help lessen the impact of Development Cost Charges (DCCs). In order to be considered for affordable rental housing grants and/or partial waiving of DCCs, the City requires the following: 1. An application form to be received no later than the deadline (September 30th); 2. Units to be identified for funding must qualify under the City s definition of purpose-built, affordable rental housing or non-profit affordable rental housing; 3. Units eligible for funding must be secured by entering into a housing agreement with the City; 4. Written confirmation of other funding sources will be required for non-profit affordable rental housing; 5. Dwellings qualifying for funding must be reasonably expected to be constructed in the year the grant is awarded. Funding allocations will be identified and confirmed in writing by the City. Grants will be applied at the building permit stage as a deduction from the applicable costs. 10

11 CITY OF KELOWNA FINANCIAL INCENTIVES DEVELOPMENT COST CHARGES Kelowna has adopted the Province s best practices for the calculation and collection of DCCs. Some of these practices directly benefit certain types of housing. Examples include: Applying different charges based on residential density as smaller dwellings that are closer together consume less City services; Areas of the City are subject to different services depending on the costs of extending services to new areas; Housing with support services, like some forms of seniors housing and housing for people who have faced homelessness, are charged institutional rates on the basis of using less services (e.g. less people driving cars), representing great cost savings to needed housing; Dwellings m2 (600 sq. ft.) or less pay a lower DCC; and Accessory apartments under 29 m2 (312 sq. ft.) are a new use introduced by the Housing Strategy and these do not pay DCCs. They are ideally suited to students, visitors, people with disabilities and/ or family members who may need some support. REVITALIZATION TAX EXEMPTIONS FOR PURPOSE-BUILT RENTAL HOUSING PROJECTS For Purpose-Built Rental Housing Projects throughout the City, 100% of the municipal share of the property tax due annually in relation to improvements on the Parcel where the project is subject to a Housing Agreement (for up to 10 years) and is in compliance with the OCP Future Land Use designation. A tax incentive for rental housing will only be considered when the vacancy rate is at or below 3%; but in any case shall not: be more than the incremental increase in the assessed value of improvements on the Parcel between the year before the commencement of construction of the Project, and the year following the year in which the Tax Exemption Certificate is issued; nor include an exemption from any local service tax payable. PROPERTY TAX RELIEF The City can offer permissive tax exemptions under the Provincial Community Charter. These can be for non-profit services, supportive housing with health services and a number of other uses. 11

12 MARKET RENTS 1160 Bernard - Centuria 2 BR / 2 Bath = $1,650/mth Walking distance to shopping, Downtown Core, transit In-suite laundry Modern Construction, high-end finishings Secured underground parking 784 Elliott - Copeland House 4th floor penthouse = $1,800/mth 2 BR = $1,400 - $1,500/mth Heritage building, renovated with high end finishings 9 apartment suites total Downtown location Walking distance to shopping, Downtown Core, transit 3185 Via Centrale - Borgata Lodge 3 BR Furnished = $2,250/mth 2 BR Furnished = $1,700/mth 1 BR Furnished = $1,300/mth Utilities included, in-suite laundry Located in village complex adjacent to Okanagan Golf Club (The Quail Ridge & The Bear Courses) Brown - Miravista 1 BR = $1,350/mth Modern build Managed under Kendall Management Serviced elevator Located in West Kelowna, walking distance to Save-On Foods, Shoppers, Liquor Store, and Transit Four storey wood frame construction 2040 Springfield Road - Invue Tower 2 BR = $1,300/mth (5th floor east facing with deck) Central uptown location Elevator serviced, secured underground parking Modern concrete tower, contemporary finishing, in-suite laundry Access to fitness centre, steam room, sauna, and rooftop pool Located on transit route, walking distance to Save-On Foods, Cinemas, Orchard Park Mall, etc 12

13 DEMOGRAPHICS & AREA INFO MULTI-FAMILY SALE PRICES IN AREA $359,900 to $475,000 Built in Minimum 2 bedroom to Maximum 4 bedroom SHOPPING/AMENITIES 9 minutes drive to Orchard Park Shopping Centre (Shoppers, Sears, Best Buy, Restauraunts, Banking), 14 minutes drive to Downtown, 4 minute drive to Brandt s Creek Crossing (Shoppers, Save-On, Starbucks, Valley First, etc), 11 minutes to YLW and UBC Okanagan NEAREST TRANSIT STOP 2 min walk, 220 M AREA SCHOOLS Elementary School: Distance: Middle School: Distance: High School: Distance: North Glenmore Elementary 550 M, 6 min walk Dr Knox Middle School 850 M, 11 min walk Kelowna Secondary School 9.4 km, 15 min drive ESTIMATES 1 KM 3 KM 5 KM Total Population (2016) 4,211 16,331 43,977 Projected Population (2021) 4,408 17,686 47,237 Average Household Income (2016) $107,031 $112,110 $95,970 Projected Household Income (2021) $129,624 $137,282 $116,543 13

14 KELOWNA & AREA Kelowna, located in the heart of the Okanagan Valley, is a growing economic hub named the top entrepreneurial city in Canada this year by the Financial Post. Kelowna is a recreational lakeside paradise with acres of scenic parkland and sandy beaches. Cradled within a range of breathtaking mountains, this urban sanctuary is bolstered by a pristine lake, pine forests, orchards, vineyards, sandy beaches, and unparalleled amenities. Kelowna has the fastest growing population in British Columbia and the fourth fastest in Canada. With a regional population of approximately 190,000, an overall trading area of 520,000, and infrastructure to support business, Kelowna is the largest urban centre between Vancouver and Calgary. Diversification and proximity to world markets are among Kelowna s greatest economic strengths. Agriculture, Tourism, Manufacturing, Health, and Technology are important industries in the region. Kelowna General Hospital is the largest healthcare facility in the Interior of BC. As an active and vibrant recreation centre, Kelowna plays host to many visitors from all over the world. Kelowna International Airport, Canada s 10th busiest, easily connects visitors to major North American cities including direct flights to Vancouver, Calgary, Edmonton, Fort McMurray, Prince George, Seattle, Los Angeles, San Francisco, and Tofino. Visitors can enjoy renown wineries, golf courses and ski resorts. In short Kelowna is a four-season lakeside playground. 14

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20 THE SMALL PRINT This document/ has been prepared by HM Commercial Group for advertising and general information only and makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. HM Commercial Group excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of HM Commercial Group and /or its licensor(s). HM Commercial Group is a team of Real Estate Professionals licensed with MacDonald Realty Kelowna. 20

21 HM Commercial Group is a boutique commercial real estate team that specializes in investment properties, land for development, and leasing. Our targeted focus provides us with detailed knowledge of market conditions, as well as key relationships with wealthy investors, institutions, and REIT s. Over the past few years we have sold over a Quarter of a Billion dollars in transactions. WE DO THINGS DIFFERENTLY AND IT WORKS. CONTACT US: JEFF HUDSON / MARSHALL MCANERNEY HM Commercial Group Macdonald Realty Kelowna Phone: (250) info@hmcommercial.com Macdonald Realty Kelowna