A 12-unit apartment building in Penticton has sold for $2.075 million after recent renovations improved its value. Located at 495 Winnipeg Street, the building changed hands earlier this month, just below the $2.2 million asking price.
Built in 1974, the property has been upgraded over the last five years. Ten out of the twelve units were fully renovated. The average price per unit in the sale was around $172,917.
The sale was handled by Paradigm Group representatives Trevor Buchan and Dan Chatfield.
The building’s location adds to its appeal. Winnipeg Street is close to schools, parks, shops, and public transit, making it ideal for renters.
Older buildings that are well-maintained or updated are popular with investors. Renovated apartments usually attract better tenants and generate higher rental income. This trend continues in smaller cities like Penticton, where demand for quality rentals remains strong.
This property is a good example of how upgrading older units can lead to higher value and a quick sale. Buyers today prefer properties that are move-in ready and do not need extra work.
Multi-unit properties in cities like Penticton offer strong returns and steady rental income. With limited housing supply and growing demand, renovated buildings remain a smart choice for investors.
The sale highlights the ongoing strength of the Penticton housing market. Renovated buildings in good locations continue to draw interest from buyers looking for long-term value.
