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438 Valley Rd - Central Kelowna Multifamily Development Site 1.19 Acres of Commercial Land Offered at $6,700,000 CAD in Kelowna, BC V1V 2E5
Investment Highlights
- Heavy daytime foot traffic area
- High exposure location
- Short trip to Kelowna International Airport
- access to highway
- Retail amenities nearby
- Access to public transit
Executive Summary
The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to present 438 Valley Road, a multifamily site in the heart of Glenmore with an approved 154-unit apartment complex. The flat, third-reading approved development site offers developers substantial cost savings through an approved set of drawings that were submitted ahead of changes to the BC building code allowing for less stringent seismic design requirements without the need to supply 20% adaptable units. Further, the site has been rezoned rental-only allowing for a 10-year municipal property tax exemption and development reports have been completed. The Glenmore neighbourhood in Kelowna is a ripe rental haven with several proven projects in the vicinity capturing market leading rents with low vacancy. Shopping, schools, and amenities are within walking distance and transit is readily available offering short trips to downtown Kelowna, UBCO, and Kelowna International Airport.
Property Facts
| Price | $6,700,000 CAD | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 1.19 AC |
| Property Type | Land | ||
| Zoning | MF1 - Infill Housing | ||
| Price | $6,700,000 CAD |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 1.19 AC |
| Zoning | MF1 - Infill Housing |
1 Lot Available
Lot
| Price | $6,700,000 CAD | Lot Size | 1.19 AC |
| Price Per AC | $5,630,252.10 CAD |
| Price | $6,700,000 CAD |
| Price Per AC | $5,630,252.10 CAD |
| Lot Size | 1.19 AC |
Lot A, Plan KAP22004, Section 32&33, Township 26, Osoyoos Div of Yale Land District, Except Plan 23353
Description
Located in the highly sought-after Kelowna neighbourhood, Glenmore, the site is within walking distance to schools, shopping, and recreation and within an area that has seen tremendous rental growth.
Walk Score®
Very Walkable (73)
Bike Score®
Very Bikeable (84)
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438 Valley Rd - Central Kelowna Multifamily Development Site
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