3803 32 Avenue Vernon, British Columbia V1T 2N2

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81,125 ft²

Other No Heat Landscaped, Level

$45,000,000

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:64133)

Property Details

MLS® Number	10367695
Property Type	Multi-family
Neigbourhood	Alexis Park
AmenitiesNearBy	Public Transit, Park, Recreation, Shopping
CommunityFeatures	Rentals Allowed
Features	Level Lot, Balcony
ParkingSpaceTotal	114
StorageType	Storage, Locker
ViewType	View (panoramic)

Building

Architectural Style	Other
Constructed Date	1940
Exterior Finish	Brick, Metal, Vinyl Siding
Heating Type	No Heat
Roof Material	Other
Roof Style	Unknown
Size Interior	81,125 Ft²
Type	Multi-family
Utility Water	Municipal Water

Parking

Underground

Land

Access Type	Easy Access
Acreage	No
Land Amenities	Public Transit, Park, Recreation, Shopping
Landscape Features	Landscaped, Level
Sewer	Municipal Sewage System
Size Irregular	0.84
Size Total	0.84 Ac\|under 1 Acre
Size Total Text	0.84 Ac\|under 1 Acre

Utilities

Electricity	Available
Natural Gas	Available
Telephone	Available
Sewer	Available
Water	Available

Aerial

Mark Gidden
Realtor/Founder

Lloyd Taverner
Realtor/Senior Partner

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Last Updated
November 12 2025 07:20:29

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Ashley Harvey

Mark and his team helped us find our forever home, and we are so grateful for his experience and expertise. Mark was so patient while our infant cried while we hunted for the perfect house. We will use Mark and his team for years to come.
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Lloyd was the best realtor we’ve ever worked with. He understands people and takes the time to listen. He was extremely helpful and made the process stress-free and seamless. Lloyd goes above and beyond for his clients and it shows. He truly enjoys what he does, he’s honest and makes you feel at ease. Our new home is our castle and Lloyd did everything to help us get there. This guy is real gem!
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Mark helped us look for, negotiate, and purchase our family home. He was diligent, extremely professional and has an unsurpassed knowledge of the Kelowna and wider Okanagan areas. His name is mentioned anytime we have a friend looking to buy or sell their home. Many thanks Mark.