Prime Multi-Family Development Site

Acquire this prime multi-family development site in Alexis park. 0.85 acre gently sloped, easily developed 36,000 ft parcel is zoned RH1 with 65% lot coverage allowing a 4-story 54,000 sqft building. 800 ft2 per dwelling unit, will translate to 65 units. The price per buildable foot is approx 42 dollars, just under $35,000 per unit making this the most economically viable development site in the Okanagan. Enjoy over $100,000 in annual rental revenue while your development plans take shape. All value is derived from the land. The two buildings and their revenue is purely a bonus. The location is located with Turtle Mountain as a backdrop, next to a convenience store, and on a bus route. Site will make for a wonderful purpose-built rental project aimed at affordable housing. Take advantage of CMHC programs that offer some very nice incentives for developers building this type of property. Sellers have priced this property for immediate sale. Their loss is your gain! Call today.

Please search the following link to view additional photos, 3D Tour & info: https://www.vantagewestrealty.com/listing/cms/okanagan-real-estate-3805-3803-32-avenue-prime-multifamily-development-site/

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Vantage West Realty Inc.
MLS # 10265537