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$45,000,000
Est. payment /mo
81,125 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Strata
Listing Status Active
Purchase Type For Sale
Square Footage 81,125 sqft
Price per Sqft $554
Subdivision Alexis Park
MLS® Listing ID 10358016
Style Other
Year Built 1940
Lot Size 0.840 Acres
Acres 0.84
Property Sub-Type Strata
Source Association of Interior REALTORS®
Property Description
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:24570)
Location
Province BC
Zoning Multi-Family
Rooms
Kitchen 0.0
Interior
Heating No heat
Exterior
Parking Features Yes
Community Features Rentals Allowed
View Y/N Yes
View View (panoramic)
Roof Type Unknown
Total Parking Spaces 114
Private Pool No
Building
Lot Description Landscaped, Level
Sewer Municipal sewage system
Architectural Style Other
Others
Ownership Strata
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Listed by Vantage West Realty Inc.
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