Forward sale opportunity! A fully turn key 125 unit multi-family development in Vernon’s Alexis Park, offered complete with lease-up and professional management in place. This large, flat site is zoned and ready for 6 storey wood frame construction and has been fully pre-positioned for CMHC’s MLI Select program, qualifying for up to 95 percent loan to value financing with 50 year amortization and below market commercial rates. With only $2.5M in required equity, this is a rare chance to secure a Tier 1 asset with minimal capital outlay. Take advantage of Vernon’s sub 1 percent vacancy rate and strong rental demand—the market is hot and purpose-built rental is in high demand. Located near transit, schools, and daily amenities, this site offers long-term rental strength in a high-growth community. Pro forma projects a stabilized value of over $48 million and a 4.67 percent cap on cost. Reach out for the full development package, financials, and details. (id:35966)
3803 32 AvenueVernon, British Columbia, V1T2N2
Listing Details
Property Details
- Full Address:
- 3803 32 Avenue, Vernon, British Columbia
- Price:
- $ 45,000,000
- MLS Number:
- 10358016
- List Date:
- August 6th, 2025
- Neighbourhood:
- Alexis Park
- Lot Size:
- 0.84 ac
- Year Built:
- 1940
- Taxes:
- $ 7,060
Interior Features
- Heating:
- No heat
Building Features
- Architectural Style:
- Other
- Sewer:
- Municipal sewage system
- Water:
- Municipal water
- Roof:
- Other, Unknown
- Zoning:
- Multi-Family
- Exterior:
- Brick, Vinyl siding, Metal
- Garage:
- Underground
- Garage Spaces:
- 114
- Ownership Type:
- Condo/Strata
- Taxes:
- $ 7,060
Floors
- Finished Area:
- 81125 sq.ft.
Land
- View:
- View (panoramic)
- Lot Size:
- 0.84 ac
Neighbourhood Features
- Amenities Nearby:
- Rentals Allowed
Ratings
Commercial Info
Location
Neighbourhood Details
REALTOR® Details
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