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Valley View Apartments 1604 31 St 49 Unit Apartment Building $9,630,000 CAD ($196,531 CAD/Unit) 5.25% Cap Rate Vernon, BC V1T 5G8
Investment Highlights
- 49-suite apartment property delivering immediate cash flow with scale to support professional management.
- Renovated suites and balcony improvements provide a proven strategy for rental growth and revenue enhancement.
- Recent upgrades include a torch-on roof (2019), new hydraulic elevator system (2020), and modern IBC on-demand heating and hot water system.
- Prime location near Vernon Jubilee Hospital, downtown Vernon, shopping, and schools, attracting healthcare professionals and long-term tenants.
Executive Summary
The McEvay Blair Multifamily Group of Marcus & Millichap and Connor Shelton of REMAX are pleased to introduce a rare multifamily opportunity of scale in Vernon, British Columbia. This well-maintained 49-suite apartment building, situated on a 40,827 SF lot, offers investors a compelling combination of durable in-place income, meaningful capital upgrades, and a proven path to future revenue growth. Constructed in 1973, the property has benefited from significant ownership investment, including a torch-on roof replacement (2019), a new hydraulic elevator system with cab control panel (2020), new common area flooring and paint, exterior driveway re-pave and re-line, and a modern IBC on-demand hot water and heating system, materially improving long-term operational efficiency and reliability.
Property Facts
| Price | $9,630,000 CAD | Property Subtype | Apartment |
| Price Per Unit | $196,531 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.25% | Building Size | 33,830 SF |
| Gross Rent Multiplier | 12.38 | No. Stories | 4 |
| No. Units | 49 | Year Built | 1970 |
| Property Type | Multifamily |
| Price | $9,630,000 CAD |
| Price Per Unit | $196,531 CAD |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Gross Rent Multiplier | 12.38 |
| No. Units | 49 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Building Size | 33,830 SF |
| No. Stories | 4 |
| Year Built | 1970 |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Smoke Free
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 49 | - | - |
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
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Valley View Apartments | 1604 31 St
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