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More details for 2408 34 St, Vernon, BC - Hospitality for Sale

Tiki Village Motor Inn - 2408 34 St

Vernon, BC V1T 5W8

Hospitality for Sale
$6,000,000 CAD
13,974 SF

Restaurant

Vernon Hospitality for Sale

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.