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Dionne Apartments

$ 2,333,000

60 Shuswap Street SE,

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Property Id : 28870
Price: $ 2,333,000
Property Lot Size: 0.51 ac
Year Built: 1975
Units: 18
PID: 004-841-433
Assessed Value: 1707000
Zoning: R-5 / R-1
Cap Rate: 5.3
Exterior Material: Stucco
Structure Type: Wood
Floors No: 3

About this property

This is a rare opportunity to acquire a superbly well managed and maintained rental complex; Dionne Apartments. Conveniently located near the heart of downtown; this offering is comprised of a 3 storey – 17 unit apartment building, a detached 2 bedroom house and ample surface parking all on a large 0.51 acre lot. Dionne Apartments has seen ongoing capital improvements throughout the years and shows like the day it was built. Situated in the beautiful lakeside community of Salmon Arm; who’s rental market has become competitive in recent years, and is currently experiencing very low vacancy rates (1.8% as per 2019 CMHC records). Combine this with rising rents, a strong local economy, and a growing population, the complex offers investors a current stable cash flow with revenue upside upon tenant turnover. As an added bonus; there may be an opportunity to development and increase density where the current house resides.

Amenities and Features

Surface Parking
Central Location
Shared Laundry
Patio or Balconies
Security System
Entry System


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