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Legal suite

$1,099,000

885 Walrod Street

Beds

Baths

Sqft

—

Year

1958

Location

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About this home

5 bed home PLUS 2 bed LEGAL SUITE! Incredible value & holding potential. Legal suite was added on to the rear of the home (laneway access) allowing it to be offset from the main part of the house. This makes it so you don't get any of the typical up/down noise transfer between occupants. Main house upper level has 3 beds, 1 bath, well maintained with bright kitchen/living area and access to private laundry. Fantastic layout & new deck surface off the kitchen. Lower level of main home has 2 beds, 1 bath, & 2nd private laundry. The LEGAL SUITE offers 2 beds,1 bath, fresh paint, new fridge, plenty of bright living space & its own laundry. Great option for a large family while still earning income from the legal suite OR buy & hold as an investment w/rental income. City has indicated alignment w/provincial short term rules which may open up this property for being an Air BNB if owner occupies a portion of the home. Plenty of parking available as well as detached shed for storage off the laneway access. Recent landscaping, gutters, exterior updates, paint & new roof in 2024. Turn-key opportunity for someone to step in & add to their investment portfolio, or reside as a homeowner/landlord & generate rental income from the suite. MF1 zoning. Ideal proximity to shopping, dining, breweries, transportation, Okanagan Lake, Knox Mountain, the new UBCO downtown location & so much more. As far as rentals in Kelowna go, this home shows A+ & currently generates excellent rental income. (id:65958)

Subtype: Single Family
Structure: House
Community: Kelowna North
Common interest: Freehold
Living area: 2,759 square feet
Lot size: 0.16 acres
Lot dimensions: 0.16
Parking: 0 total
Stories: 2
On market: Jan 30, 2026
Status changed: Apr 16, 2026
Annual tax: $5,293.28
Photos: 52
MLS#: 10374368
Area: KELOWNA

Features and systems

Parking

Detached GarageOtherRearRVStreetAdditional Parking

Heating

Baseboard heatersForced airElectricSee remarks

Cooling

Wall unit

Roof

Asphalt shingleUnknown

Lot

Level lot

Negative cash flow ~$1,081/mo at these assumptions

Monthly rent (CAD)Adjust to your local market estimateDown payment (%)Investment props typically 20-25%Mortgage rate (% annual)2026 default 5.49% — adjust to your rate holdAmortization (years)

Cash on cash

-5.90%

Cap rate

4.71%

GRM

13.9

Break-even rent

$7,738

Financing

Down payment$219,800

Loan amount$879,200

Mortgage$5,394/mo

Operating expenses (monthly)

Property tax(est. 0.55%/yr (AB avg))$504

Insurance$80

Maintenance$916

CapEx reserve$458

Vacancy loss$330

Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.

Lifestyle nearby

Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Kelowna. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.

Mortgage estimate

Estimated $5,394/mo at 5.49% with 20% down, 25-yr amortization.Estimate only — actual payment varies by qualification + insurance.

Listing brokerage

Listing brokerage on file

Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 16, 2026.