Hotel-Motel
Tiki Village Development Site
2408 34 St, Vernon, BC V1T 5W8
Listing Price: $6,000,000
Investment Overview
The McEvay Blair Multifamily Group and Institutional Property Advisors (IPA) of Marcus & Millichap are pleased to present the iconic Tiki Village development site located in Vernon, British Columbia.
The fully assembled, well-located, and flat site has plans in place for 180 multifamily apartment units across two 90-unit buildings with ground-level surface parking. While plans are available, the site is being presented to developers as a “blank canvas” as the site requires rezoning and city approvals to proceed. The proposed zoning is RH3 High Rise Apartment Residential with permitted uses including apartment housing, care centres, senior housing, and stacked row housing.
Multifamily sites of this scale near the downtown core in Vernon are rare. Located along 25th Avenue, a main thoroughfare in Vernon, the site is within walking distance to shopping, schools, and amenities.
While the site is being presented for redevelopment, there are six homes and the fully operational Tiki Village Motel providing gross annual holding income of approximately $289,000.
Tiki Village Development Site
Investment Highlights
- The site has preliminary design plans available detailing a 2-building 180-unit multifamily development totalling 180,170 square feet of buildable area and 145,200 square feet of net leaseable space.
- The site is fully assembled and encompasses six residential properties and the fully operational Tiki Village Motel providing annual gross holding income of approximately $289,000.
- Vernon has not seen as much multifamily rental development as other neighbouring municipalities and boasts a current 1% vacancy rate as per recent CMHC reporting.
- Located in the heart of Vernon along 25th Avenue, a main thoroughfare, the site is in close proximity to downtown Vernon, Polson Park, and Vernon Jubilee Hospital with transit stops within walking distance.
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Listing Price: $6,000,000
Investment Highlights
- The site has preliminary design plans available detailing a 2-building 180-unit multifamily development totalling 180,170 square feet of buildable area and 145,200 square feet of net leaseable space.
- The site is fully assembled and encompasses six residential properties and the fully operational Tiki Village Motel providing annual gross holding income of approximately $289,000.
- Vernon has not seen as much multifamily rental development as other neighbouring municipalities and boasts a current 1% vacancy rate as per recent CMHC reporting.
- Located in the heart of Vernon along 25th Avenue, a main thoroughfare, the site is in close proximity to downtown Vernon, Polson Park, and Vernon Jubilee Hospital with transit stops within walking distance.
Investment Overview
The McEvay Blair Multifamily Group and Institutional Property Advisors (IPA) of Marcus & Millichap are pleased to present the iconic Tiki Village development site located in Vernon, British Columbia. The fully assembled, well-located, and flat site has plans in place for 180 multifamily apartment units across two 90-unit buildings with ground-level surface parking. While plans are available, the site is being presented to developers as a “blank canvas” as the site requires rezoning and city approvals to proceed. The proposed zoning is RH3 High Rise Apartment Residential with permitted uses including apartment housing, care centres, senior housing, and stacked row housing. Multifamily sites of this scale near the downtown core in Vernon are rare. Located along 25th Avenue, a main thoroughfare in Vernon, the site is within walking distance to shopping, schools, and amenities. While the site is being presented for redevelopment, there are six homes and the fully operational Tiki Village Motel providing gross annual holding income of approximately $289,000.
Exclusively Listed By
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