Property Information:

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:27)

Building Features:

Style: Multiplex
Building Type: Multi-Family
Heating Type: No heat

Property Features:

OwnershipType: Freehold
Property Type: Multi-family
Access Type: Easy access
Amenities Nearby: Public Transit, Park, Recreation, Shopping
Built in: 1940
Features: Level lot
Irregular: Yes
Landscape Features:
Lot Size: 0.84 Acres
Utility Type: Telephone - Available, Hydro - Available, Sewer - Available, Water - Available, Natural Gas - Available
Sewer: Municipal sewage system
Parking Type: Other

Courtesy of: Vantage West Realty Inc.

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Demographic Information of 3803 32 Avenue, Vernon, British Columbia, V1T 2N2

Life Stage

Nearly Retired

Employment Type

Service Sector/White Collar

Average Household Income

$72,710.20

Average Number of Children

1.42

Household Population

Household Structure

Age of Population

Education

Education Level

No certificate/diploma/degree

25.99 %

High school certificate or equivalent

34.16 %

Apprenticeship trade certificate/diploma

8.86 %

College/non-university certificate

22.63 %

University certificate (below bachelor)

0.6 %

University Degree

7.77 %

Commuter

Travel To Work

By Car

82.73 %

By Public Transit

0.63 %

By Walking

10.15 %

By Bicycle

3.1 %

By Other Methods

3.39 %

Cultural Diversity

Knowledge of Official Language

Mother Tongue

Building Information

Building Type

Apartments (Low and High Rise)

78.93 %

Houses

21.07 %

3803 32 Avenue, Vernon, British Columbia, V1T 2N2