RARE SCALE INVESTMENT OPPORTUNITY | STABLE INCOME WITH REDEVELOPMENT POTENTIAL
3339 LAKESHORE ROAD | KELOWNA BC
Contact Listing Agent
For Sale
The Opportunity
Opportunity to acquire a 88% interest (38 of 43 strata units) in Mission Suites, representing a rare scale position within a strata-titled multifamily asset located at 3339 Lakeshore Road in Kelowna, BC.
Mission Suites currently operates as a strata-titled multifamily apartment building, generating strong and stable cash flow under professional management. The property is situated on over 44,000 square feet of prime land directly across from Okanagan Lake, within the highly sought-after Lakeshore / South Pandosy corridor – one of Kelowna’s most active and evolving urban neighbourhoods. The area is experiencing significant transformation, with notable nearby developments including Movala, Caban, and The Shore, alongside a full-service amenity base within walking distance such as Mission Park Shopping Centre and Lakeshore Centre, anchored by Save-On-Foods, Starbucks, Urban Fare, and BC Liquor Store.
Built in 1981, Mission Suites was originally operated as a motel before being converted to a fully leased long-term rental property. The building comprises 43 one-bedroom units and one unauthorized two-bedroom unit, all operated by a single professional management team. The current offering includes 38 strata units held under one ownership, generating approximately $667,000 in annual gross revenue.
The property is located within the UC5 – Pandosy Urban Centre zoning designation, which supports mid-rise development. While the current offering represents a partial strata interest, the significant control position provides a compelling basis for a future full building assembly. Upon successful assembly of all strata units, the site is designated for up to 8-storey development with an approximate 2.35 FAR. Additional details regarding development potential are outlined on the following page.
Mission Suites offers investors a unique opportunity to acquire immediate income with scale and strategic positioning, alongside long-term redevelopment potential contingent on full strata assembly.
Property Details
Property Type: |
Multi-Family |
Address: |
3339 LAKESHORE ROAD | KELOWNA BC |
# of Units: |
44 (1 unauthorized) |
Land Area: |
44,062 SF |
Zoning: |
UC5 |
FAR: |
2.35 (approx) |
Presented By
Meghan Cortese PREC*
250.862.7038
meghancortese@rlkcommercial.com
Property Details
| Municipal Address | 3339 Lakeshore Road, Kelowna BC |
| Construction | 2 Storey Wood-Frame |
| Zoning | UC5 | Pandosy Urban Centre |
| 44 Units (1 unauthorized) | Offering 38 strata units for sale |
| Year Built | 1981 |
| Lot Size | 44,062 SF |
| Gross Income | $667,000 |
| List Price | Contact Listing Agents |
| Offering Process | Access to the online data room is available upon execution of the digital confidentiality agreement. |
Development Potential
Located within the vibrant Pandosy Urban Centre, one of Kelowna’s premier growth districts, Mission Suites is positioned within a neighbourhood designed forhigh-impact urban living. As a primary hub for future expansion, the Pandosy Urban Centre is envisioned to support density and mixed-use development anchored by active commercial streetscapes with residential or office uses above.
This highly walkable and amenity-rich corridor is strategically planned to accommodate some of Kelowna’s highest concentrations of housing, employment, retail, and transit-oriented activity, making it one of the most compelling redevelopment locations in the city.
The property is designated for mid-rise development, permitting base building heights of up to 8 storeys (approximately 2.35 FAR). Within the broader Pandosy/ Lakeshore corridor, additional height and density may be considered through the City’s planning framework, subject to design, policy alignment, and municipal approval.
Further opportunities exist to enhance project density through bonus provisions tied to the delivery of public benefits, including rental or affordable housing, public amenities, enhanced streetscapes, and high-quality architectural design.
Location Overview
