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Tiki Village Motor Inn 2408 34 St 31 Room Hotel Vernon, BC V1T 5W8 $6,000,000 CAD ($193,548 CAD/Room)
INVESTMENT HIGHLIGHTS
- The site has preliminary design plans available detailing a 2-building 180-unit multifamily development totaling 180,170 square feet of buildable area
- Vernon has not seen as much multifamily rental development as other neighboring municipalities and boasts a current 1% vacancy rate
- The site is fully assembled and encompasses six residential properties and the fully operational Tiki Village Motel
- Located in the heart of Vernon along 25th Avenue, a main thoroughfare, the site is in close proximity to downtown Vernon
EXECUTIVE SUMMARY
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.
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.
PROPERTY FACTS
| Price | $6,000,000 CAD | Lot Size | 1.42 AC |
| Price Per Room | $193,548 CAD | Building Size | 13,974 SF |
| Sale Type | Investment | No. Rooms | 31 |
| Property Type | Hospitality | No. Stories | 1 |
| Property Subtype | Hotel | Year Built | 1975 |
| Building Class | C | Corridor | Exterior |
| Zoning | C10 | ||
| Price | $6,000,000 CAD |
| Price Per Room | $193,548 CAD |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 1.42 AC |
| Building Size | 13,974 SF |
| No. Rooms | 31 |
| No. Stories | 1 |
| Year Built | 1975 |
| Corridor | Exterior |
| Zoning | C10 |
AMENITIES
- Restaurant
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 4 | $127.00 CAD | - |
| Guest Room | 27 | $79.00 CAD | - |
1 1
Walk Score®
Walker's Paradise (92)
CONTACTS
-
James Blair -
Bradyn Arth -
Patrick McEvay -
Adam Herman -
Nicholas Cryans -
Sunil Suvarna -
Marcus & Millichap
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Tiki Village Motor Inn | 2408 34 St
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