The Log Cabin Motel in Penticton recently sold for more than $2 million, the fourth motel sale in the Peach City this year.
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December 26, 2017 - 3:15 PM
PENTICTON - It’s been a banner year for motel sales in the Peach City.
The Western Investor reported the Log Cabin Motel sale was announced Dec. 20 at a price of $2.9 million by the Green Kinash Real Estate Group.
The 36-unit motel sits on 1.92 acres, located at 3287 Skaha Lake Rd., a block away from Skaha Beach.
The property had an assessed value of $2,228,000 according to the 2016 B.C. Assessment valuation.
The Log Cabin sale is the fourth motel in Penticton to change hands this year. The Slumber Lodge, Jubilee Motel and Super Eight Motel sold earlier this year. The Super Eight Motel was purchased by the B.C. Housing Authority for use as shelter for the homeless.
NAI Commercial Okanagan property listings currently lists three other Penticton motels for sale, including the Rochester Resort Motel at 970 Lakeshore Dr. at $2,975,000, the Beachside Motel at 3624 Parkview St. for $3,495,000, and the Spanish Villa Resort at 890 Lakeshore Dr. for $5,900,000.
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News from © iNFOnews, 2017