Vernon’s Tiki Village motel pitched to developers for $6M

Vernon’s Tiki Village Inn Motel is up for sale, with the realtor pitching the prospect of the site being used for 180 multifamily apartment units.

The Tiki Village Motel is on the market for $6-million with the sale including six nearby homes.

The listing by Marcus and Millichap says the site is being presented as a “blank canvass” and the land would need rezoning for a high-rise apartment to be built.

“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,” the realtor’s website says. “Multifamily sites of this scale near the downtown core in Vernon are rare. Located along 25 Avenue, a main thoroughfare in Vernon, the site is within walking distance to shopping, schools, and amenities.”

The ad says that Vernon has not seen as much multifamily rental development as other nearby towns and cities and “boasts” a current one per cent vacancy rate.

The motel, whose tag line is “A Taste of Polynesia in the Heart of the Okanagan” sits on a 2.64-acre site which is priced at $2,270,978 per acre.

Pitched to developers and investors, the ad says preliminary design plans are available detailing a two-building 180-unit multifamily development totalling 180,170 square feet of buildable area and 145,200 square feet of net leaseable space.

The well-known motel has been a landmark in the centre of Vernon for decades and the ad says the motel generates an annual holding income of approximately $289,000.