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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:45055)
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Property Details
MLS® Number 10373002 Property Type Multi-family Neigbourhood Alexis Park AmenitiesNearBy Public Transit, Park, Recreation, Shopping Features Level Lot -
Building
ConstructedDate 1940 HeatingType No Heat Type Multi-family UtilityWater Municipal Water Other -
Land
AccessType Easy Access Acreage No LandAmenities Public Transit, Park, Recreation, Shopping LandscapeFeatures Level Sewer Municipal Sewage System SizeIrregular 0.84 SizeTotal 0.84 Ac|under 1 Acre SizeTotalText 0.84 Ac|under 1 Acre -
Rooms
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Utilities
Electricity Available Natural Gas Available Telephone Available Sewer Available Water Available
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA's Data Distribution Facility (DDF®)
January 26 2026 11:19:17
Association of Interior REALTORS®
Vantage West Realty Inc.
