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Osoyoos Manor 7807 Gravenstein dr 15 Unit Apartment Building $2,094,803 USD ($139,654 USD/Unit) 4.54% Cap Rate Osoyoos, BC V0H 1V7
Investment Highlights
- Excellent suite mix (9 one-bedroom & 6 two-bedroom suites)
- Over $300,000 in recent capital improvements position the property as a stabilized asset with limited near-term capital expenditure requirements.
- The property benefits from true supply constraints, as Osoyoos has limited rental stock, minimal new development.
- Rental revenue is 28% below market offering significant rental upside
- Revenue generating laundry room with 2 washers & 2 dryers
- Strong and diversified rental demand is driven by service workers, healthcare employees, tourism and accommodation staff, seniors
Executive Summary
Avison Young is pleased to present for sale Osoyoos Manor, located at 7807 Gravenstein Drive in Osoyoos, British Columbia. This offering represents a rare opportunity to acquire one of the very few purpose-built rental apartment properties in a highly desirable and supply-constrained market. The property has benefited from more than $300,000 in recent capital improvements, including upgrades to plumbing and irrigation systems, new air conditioning units, electrical enhancements, refreshed common areas with new carpeting and paint, and renovations to eight suites. As a result, Osoyoos Manor is a well-maintained and stabilized asset with limited near-term capital requirements.
The property currently generates strong in-place income, with average rents approximately 28% below prevailing market levels, creating a clear mark-to-market opportunity. Investors can drive revenue growth and enhanced cash flow through strategic lease turnover and the renovation of the remaining seven unrenovated units. Osoyoos Manor is situated approximately two blocks from Osoyoos Lake and benefits from easy access to Highways 3 and 97. The wood-frame building, constructed in 1965, sits on a 19,406 square foot lot and contains approximately 13,745 square feet of rentable area, with surface parking provided on-site. Zoning is RM1 (Medium Density Residential) with a Medium Density Residential designation under the Official Community Plan.
The offering is structured as an asset sale, with Property Transfer Tax applicable, and is being offered as clear title. The property is stabilized at a net operating income of $129,452, reflecting a 4.54% cap rate, with a market-stabilized NOI of $178,272, or a 6.26% cap rate. Pricing guidance is set at $2,850,000, equating to approximately $190,000 per unit. The 15-suite building includes a mix of one-bedroom and two-bedroom units, a revenue-generating laundry room with two washers and two dryers, and balconies on 11 units featuring sliding doors and metal railings.
The property currently generates strong in-place income, with average rents approximately 28% below prevailing market levels, creating a clear mark-to-market opportunity. Investors can drive revenue growth and enhanced cash flow through strategic lease turnover and the renovation of the remaining seven unrenovated units. Osoyoos Manor is situated approximately two blocks from Osoyoos Lake and benefits from easy access to Highways 3 and 97. The wood-frame building, constructed in 1965, sits on a 19,406 square foot lot and contains approximately 13,745 square feet of rentable area, with surface parking provided on-site. Zoning is RM1 (Medium Density Residential) with a Medium Density Residential designation under the Official Community Plan.
The offering is structured as an asset sale, with Property Transfer Tax applicable, and is being offered as clear title. The property is stabilized at a net operating income of $129,452, reflecting a 4.54% cap rate, with a market-stabilized NOI of $178,272, or a 6.26% cap rate. Pricing guidance is set at $2,850,000, equating to approximately $190,000 per unit. The 15-suite building includes a mix of one-bedroom and two-bedroom units, a revenue-generating laundry room with two washers and two dryers, and balconies on 11 units featuring sliding doors and metal railings.
Property Facts
| Price | $2,094,803 USD | Apartment Style | Low-Rise |
| Price Per Unit | $139,654 USD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.45 AC |
| Cap Rate | 4.54% | Building Size | 13,745 SF |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2025 |
| Property Subtype | Apartment | ||
| Zoning | RM1 - Medium Density Residential | ||
| Price | $2,094,803 USD |
| Price Per Unit | $139,654 USD |
| Sale Type | Investment |
| Cap Rate | 4.54% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 13,745 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1965/2025 |
| Zoning | RM1 - Medium Density Residential |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
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Osoyoos Manor | 7807 Gravenstein dr
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