- What An off-campus student residence in Kelowna, B.C., has hit the market
- Why The building has a yearly net operating income of $780,000
- What next Cushman & Wakefield and Royal LePage Commercial have the assignment
A student residence in Kelowna, B.C., with average rents of $1,075 per bed is on the block for $12.9m, Green Street News can reveal.
Artium Student Residence at 125 Dundas Road is a 23-unit, 97-bed off-campus residence near the University of British Columbia’s Okanagan campus and Okanagan College. Cushman & Wakefield and Royal LePage Commercial have the marketing assignment.
The valuation translates to a capitalization rate of 6%, with the campaign noting the property has a year-one net operating income of $780,000.
The 26,000 sq ft building has eight three-bedroom units, two four-bedroom units and 13 five-bedroom units. Bedrooms measure 96 sq ft each and are rented out individually, with each unit having a common area.
The property has yearly leases and sees a yearly turnover rate that can exceed 60%.
Constructed in 2017, the building is in Kelowna’s Rutland neighbourhood with direct transit access to both postsecondary schools. It is 6 km from downtown Kelowna and surrounded by restaurants, grocery stores and other shopping.
