2029 Richter Street
Offered at: $999,000
Offered at: $999,000
MLS®: 10319424
Great holding property with laneway access currently generating $4,000/ month in rent. With 5 bedrooms and 2 bathrooms, including the primary bedroom upstairs with ensuite and private balcony. Currently zoned MF1, but is located on the Richter Transit Supportive Corridor, meaning greater possible future development value through land assembly to accommodate up to approximately 6 storeys, and 1.8 FAR. Located within walking and biking distance of all downtown Kelowna has to offer, KGH and most importantly, THE BEACH! (id:6769)
City
Kelowna
Subarea
Kelowna South
Lot
0.14
Construction Date
1911
British Columbia, Canada, V1Y2N4
Single Family
0.14
Chamberlain Property Group
2029 Richter Street is a Prime Investment Opportunity: Versatile Property with High Potential
This 5-bedroom, 2-bathroom property offers more than just a comfortable living space—it’s a smart investment for buyers or developers looking to capitalize on Kelowna’s rapidly growing urban appeal. Here’s why this property stands out:
Immediate Revenue Generation
- Rental Income: Currently generating $4,000 per month, this property is already a solid income stream.
- Flexible Living Options: With a primary bedroom featuring an ensuite and private balcony, it caters to tenants looking for privacy and comfort, ensuring steady demand.
Strategic Zoning for Future Development
- MF1 Zoning: While currently zoned for multifamily low-density, its location on the Richter Transit Supportive Corridor significantly increases its redevelopment potential.
- Land Assembly Opportunities: Neighboring properties can be assembled to unlock zoning for up to 6 storeys and a 1.8 Floor Area Ratio (FAR), making it an ideal site for mid-rise residential or mixed-use projects.
- City-Backed Growth: As part of a transit-supportive corridor, this property aligns with city planning priorities, improving the likelihood of future approvals for higher-density projects.
Unmatched Location Appeal
- Central Connectivity: Situated within walking or biking distance of downtown Kelowna, residents can enjoy all the city’s amenities, including restaurants, shops, and cultural attractions.
- Proximity to KGH: Close to Kelowna General Hospital, making it attractive to healthcare professionals or as a short-term rental for medical staff.
- Beach Access: Just minutes from the beach, this property’s location enhances its desirability for tenants and future homeowners alike.
A Developer’s Advantage
- High-Demand Area: Downtown Kelowna continues to experience robust growth, with increasing demand for high-density housing close to transit and amenities.
- Low-Risk Investment: With consistent rental income, you can hold this property while planning its redevelopment, minimizing holding costs.
- Scalable Potential: The ability to scale up to 6 storeys makes this property a valuable piece in any developer’s portfolio.
Why Act Now?
- With urban densification as a priority for Kelowna, properties like this—located on a key transit corridor—are poised to appreciate in value quickly.
- The opportunity for land assembly in a prime location is limited, making this a rare chance to secure a piece of Kelowna’s future growth.
Whether you’re a savvy buyer seeking reliable rental income or a forward-thinking developer looking for your next big project, this property delivers immediate value and long-term potential. Don’t miss this golden opportunity to invest in one of Kelowna’s most promising locations.
Schools Near 2029 Richter Street :: Downtown Kelowna
Educational Excellence in the Heart of Downtown Kelowna
Located in the vibrant heart of Kelowna, this area provides unparalleled access to some of the city’s top educational institutions, all within a short commute, making it ideal for families, professionals, and students alike.
The Ideal Educational Hub
This central location pairs excellent access to top-rated schools with the energy and convenience of downtown Kelowna. Whether it’s walking or biking to school or taking a quick drive to university campuses, this area ensures that quality education is always within reach.
For families seeking convenience, students preparing for the future, or professionals looking to live in an area that values education, downtown Kelowna is the perfect place to call home.
For Younger Learners
- A Safe Start: Families with young children will appreciate the proximity to Raymer Elementary known for fostering strong foundational learning.
- Diverse Learning Options: Downtown also offers access to alternative programs and independent schools, ensuring families can choose what best suits their children’s needs.
Middle School Access
Dr. Knox Middle School: Located within a convenient distance, it provides a seamless transition for students moving up from elementary, with programs that emphasize academic excellence and personal growth.
Top-Tier High Schools
Kelowna Secondary School (KSS): This prestigious institution is renowned for its diverse academic and extracurricular programs, preparing students for post-secondary success.
Private and Specialized Education
Aberdeen Hall Preparatory School: A short drive away, this highly regarded private school offers a rigorous academic program from early childhood through high school, catering to families seeking an alternative, top-tier educational experience.
Post-Secondary Opportunities
- Okanagan College: Located nearby, this college is an excellent option for technical, trades, and undergraduate studies.
- University of British Columbia Okanagan (UBCO): Just a short commute from downtown, UBCO offers world-class education, research opportunities, and community engagement for students and faculty. A new downtown Campus located near St.Paul Street is currently under construction.
Explore Amenities Near 2029 Richter Street in Downtown, Kelowna, BC!
Your New Home!
Strathcona Beach
City Park
Waterfront Park
Knox Mountain
Okanagan Lake
