Rare large-scale multi-family development opportunity in the heart of Alexis Park, Vernon. This prime, flat site supports a 125-unit purpose-built rental project and offers one of the lowest cost-per-door opportunities in the Okanagan at under $20,000 per unit. Zoned and ideally suited for 6-storey wood-frame construction, this is one of the most efficient and financeable building forms in today’s market. The property includes two existing income-producing buildings (5-plex and 6-plex) generating approximately $100,000 annually, helping offset holding costs while advancing planning, approvals, or financing. Centrally located on 32nd Avenue, the site is steps from public transit, shopping, and daily amenities, supporting strong long-term rental demand. The large, level lot allows for efficient site planning, underground parking, and streamlined construction. The property is well-positioned for CMHC’s MLI Select program, offering the potential for high-ratio financing, amortizations up to 50 years, and below-market interest rates, significantly improving project feasibility. A forward-sale option is also available, allowing buyers to acquire a fully built, leased, and management up to completion, reducing construction and lease-up risk. A rare opportunity to secure a Tier-1 multi-family site with strong interim income and flexible execution options. (id:47421)
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Detailed Information
Amenities Nearby
Public Transit, Park, Recreation, Shopping
Features
Level lot
Listing Contract Date
2026-01-15
Municipal ID
004-382-633
Ownership Type
Freehold
Property Type
Multi-family
Transaction Type
For sale
Building
Constructed Date
1940
Heating Type
No heat
Type
Multi-Family
Utility Water
Municipal water
Parking Spaces
Name
Spaces
Other
Utilities
Type
Description
Electricity
Available
Natural Gas
Available
Telephone
Available
Sewer
Available
Water
Available
Land
Total Size
0.84 acres
Access Type
Easy access
Amenities
Public Transit, Park, Recreation, Shopping
Landscape Features
Level
Sewer
Municipal sewage system
Size of Irregular Land
0.84
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