$725,000

511 Church Avenue, Oliver

Oliver, Oliver, BC V0H1T0

6,737 sq ft · Single-family home

Listed by Royal LePage South Country

About this property

Phenomenal development opportunity in the heart of Canada's wine capital. Zoning changes and Official Community Plan modifications already in place: Rezoned TC/Town Centre: uses include apartment building, gallery, studio, office, childcare, recreation, hotel, personal service or retail. Plans in place to convert existing United Church building to 8 purpose-built residential rental units (6 -1 bed, 1 bath , and 2 -2 bed, 2 bath), with dedicated parking spots (7, including 5 spots via easement over adjoining vacant lot at 545 Church). Acknowledging the building's history, upper level suites in the church conversion will incorporate 13.5 foot vaulted ceilings and stained glass windows. Resubmission of existing plans is the only requirement for building permits. Building as planned enables projected net annual cashflow north of $100,000 in residential rental income. Project revitalization would benefit from significant pre-paid soft cost investments including offsite levies, development charges and utility connections, and asbestos and radon remediations. 545 Church parcel is also being offered for sale separately (see mls#10393499), or combined with 511 Church (see mls#10393143). All listing marketing measurements approximate. Buyer to verify. (id:67417)

Property details

Price

$725,000

MLS® number

10393467

Property type

Single-family home · Residential Commercial Mix · Other

Living area

6,737 sq ft

Lot size

0.16 acres · 0.16

Year built

1930

Annual taxes

$2,472

Community

Oliver, Oliver

Features

Heating

Forced air, See remarks

Cooling

Central air conditioning, Window air conditioner, Wall unit

Parking

Rear, Street, Additional Parking

Roof

Asphalt shingle, Unknown

Exterior

Stucco

Water

Municipal water

Sewer

Municipal sewage system

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