small deal, smart upside — okanagan 8plex with expansion potential

sold

17 Jan

fully leased 8-unit building
development potential for 8 more units

            $820,000
            sold
        
            address
            8710 Tomlin Rd, Summerland, BC
        
            lot size
            24,829 SF
        
            units
            8
        
            year built
            1972
        
            cap rate
            5.06%

listing
description

This 8-unit apartment in Summerland wasn’t a big deal by Vancouver standards — but it had all the ingredients of a smart, strategic investment. The property was fully leased, well maintained, and located in a high-demand Okanagan market with extremely low vacancy.

Each unit was self-contained, with separate entries, tenant-paid utilities, and dedicated surface parking — including carports. Two suites had been fully renovated, and the rest were in solid condition with long-term tenants in place.

What made the deal interesting was the land: with a 24,829 SF lot, the site offered potential to add 8 more units beside the existing building — an opportunity that appealed to investors thinking beyond today’s rent roll.

This sale reflects my ability to support smaller investor groups, close deals across B.C., and identify where low-density product has room to grow. Sometimes it’s not about scale — it’s about strategy.

investment
thesis

Fully leased 8-unit building in a high-demand market with future development potential — acquired by an investor focused on long-term rental upside.

policy
context

The property is zoned for residential use and situated on a large, gently sloped 24,829 SF lot in a quiet, established neighbourhood of Summerland. While the existing structure is a fully leased 8-unit low-density apartment building, the lot size and configuration suggest potential for infill development or expansion.

Preliminary assessment indicated the possibility of adding up to 8 additional units on-site, subject to municipal approval. This aligns with local planning goals to encourage gentle densification in well-serviced areas, particularly where strong rental demand and low vacancy rates persist.

buyer
appeal

The buyer was attracted by a combination of stability and upside. The building offered immediate cash flow from eight fully leased units, each with tenant-paid utilities, and no major deferred maintenance. But the real value was in the land. With strong local rental demand and a large lot that hinted at expansion potential, the property appealed to a buyer thinking beyond today’s income — and focused on what the site could support tomorrow. This deal reflected a disciplined, long-term outlook — the kind of mindset increasingly common among smaller-scale investors looking to grow within B.C.’s interior markets.