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554 Leon Av

31,326 SF 89% Leased Office Building Kelowna, BC V1Y 6J6 $8,542,121 USD ($273 USD/SF) 5.59% Cap Rate

Office Space British Columbia Kelowna 554 Leon Av, Kelowna, BC V1Y 6J6

Investment Highlights

  • Strong tenant mix and income stream
  • Assumable mortgage at below market rates
  • Stratified building with value add opportunities
  • High profile downtown location

Executive Summary

Opportunity to acquire Upper Avenue, a Class A, five storey office building in Downtown Kelowna. This incredibly well positioned asset features over 30,000 sqft of rentable area with an enclosed underground parkade and rooftop patio amenity. Every unit has been renovated with modern finishes and green building technologies. Additionally, The building features a rooftop patio, communal meeting room and kitchen, with bike storage on every floor. A total of 39 parking stalls. The property features a base rental income of approximately $685,000 (Stabilized NOI 2025), a strong tenant mix, high visibility from Highway 97, and has walkable access to numerous amenities. Favourable assumable mortgage rates make for an attractive long term hold with redevelopment potential within the 2040 OCP future land use (UC).

Attachments

Brochure

Property Facts

Sale Type
Investment or Owner User
Property Type
Office
Building Size
31,326 SF
Building Class
B
Year Built
2014
Price
$8,542,121 USD
Price Per SF
$273 USD
Cap Rate
5.59%
NOI
$477,661 USD
Percent Leased
89%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
6,265 SF
Building FAR
4.00
Lot Size
0.18 AC
Zoning
C7 - Commercial
Parking
39 Spaces (1.24 Spaces per 1,000 SF Leased)

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 4th Fl-Ste 401
  • 3,428 SF
  • Office
  • Full Build-Out
  • Now

Unit 401 features a large open workspace for cubicles and/or co-working opportunities, 6 private offices, a boardroom and in-suite kitchenette. Building tenants also have access to the rooftop patio with panoramic views of the lake and downtown. Fully equipped with patio furniture, BBQ and a full indoor kitchen and meeting space. Minimum of two parking stalls with additional spots available at a nearby surface lot.

Space Size Space Use Condition Available
4th Fl-Ste 401 3,428 SF Office Full Build-Out Now

4th Fl-Ste 401

Size
3,428 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

4th Fl-Ste 401

Size 3,428 SF
Space Use Office
Condition Full Build-Out
Available Now

Unit 401 features a large open workspace for cubicles and/or co-working opportunities, 6 private offices, a boardroom and in-suite kitchenette. Building tenants also have access to the rooftop patio with panoramic views of the lake and downtown. Fully equipped with patio furniture, BBQ and a full indoor kitchen and meeting space. Minimum of two parking stalls with additional spots available at a nearby surface lot.

Links

1 of 1
554 Leon Av, Kelowna, BC - aerial map view
Walk Score ®
Walker's Paradise (97)
Bike Score ®
Biker's Paradise (97)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
Learn How It Works Detailed Scores
(236) 420-3558 x401

Contacts

  • Listing ID: 33136761

  • Date on Market: 9/11/2024

  • Last Updated:

  • Address: 554 Leon Av, Kelowna, BC V1Y 6J6

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554 Leon Av
(236) 420-3558 x 401

554 Leon Av

1/2

Jeff Brown

(236) 420-3558

x401

(236) 420-3558 x401

Victoria Mitchell

(250) 300-4705

(250) 300-4705

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