Osoyoos Industrial Real Estate: What Are Properties Actually Selling for Per Square Foot?
If you own an industrial property in Osoyoos — or you're looking to buy one — one of the first questions you'll have is pretty simple: what are these things actually worth? It sounds straightforward, but the answer is more nuanced than most people expect.
I'm a commercial real estate appraiser based in the South Okanagan, and industrial properties in Osoyoos are something I deal with regularly. Over the past few years I've tracked sales in the Buena Vista Industrial Park and along the 115th Street corridor, and I want to share what the data actually shows — and more importantly, why the numbers vary as much as they do.
Sale prices per square foot for industrial buildings in Osoyoos have ranged from roughly $153 to $342 PSF over the past four years. That's a massive spread. Understanding what drives a property to the high end versus the low end of that range is exactly what I'll walk through here.
The Osoyoos Industrial Market: A Quick Overview
Osoyoos sits at the southern tip of the Okanagan, right near the Canada/US border and at the junction of Highways 3 and 97. The main concentration of industrial real estate is the Buena Vista Industrial Park on 115th Street, about 3 km northwest of downtown.
The market is relatively small and tight-knit. There aren't dozens of sales happening every year, which means each transaction carries significant weight when you're trying to establish value. The properties in this park are typically zoned M1 General Industrial, and permitted uses are broad — manufacturing, processing, automotive repair, animal hospitals, cold storage, RV and boat storage, and more. That flexibility in use is a meaningful driver of value.
Most industrial lots in the park sit in the 0.38 to 1.17 acre range. Buildings run from roughly 2,000 to 13,000 square feet. What makes this market interesting is how often industrial buildings include a residential component — whether a full suite, a caretaker unit, or a live/work setup. That dual-use nature adds a layer of complexity to valuation that you don't always see in bigger city industrial markets.
Recent Sales: What the Market Has Shown
Below is a summary of confirmed arm's-length industrial sales on 115th Street in Osoyoos, organized chronologically. Building sizes are sourced from the appraiser's file data.
A few things jump out when you look at this table. The range in price per square foot is substantial — from a low of $153/SF to a high of $342/SF. Let's break down what's behind those differences.
What Drives Sale Price Per Square Foot in Osoyoos Industrial Properties
1. Building Size and the Inverse Relationship With $/SF
This is probably the most consistent pattern in the data. Smaller buildings tend to sell at a higher price per square foot than larger ones. Look at the June 2023 sale — a 3,096 SF building that sold at $342/SF. Compare that to the October 2024 sale of a 12,607 SF multi-unit property that sold at $153/SF.
Smaller buildings have a higher land-to-building ratio, and the underlying land value gets spread over fewer square feet. There's also more buyer competition for smaller, more affordable properties, which pushes prices up on a PSF basis. A $522,000 purchase is accessible to far more buyers than a $1,925,000 one.
2. Presence and Quality of a Residential Component
This is something that really distinguishes the Osoyoos industrial market from larger centres. A meaningful number of properties in this park include a residential unit — either a legal suite, a non-conforming unit, or a full owner's residence built into or above the industrial space.
The June 2023 sale at $342/SF included a one-bedroom plus den non-conforming suite. The March 2023 sale included a 4-bedroom, 2-bathroom residential unit with a double car garage. The May 2024 sale had a 3-bedroom unit with a 40-foot deck and mountain and lake views.
These residential components add real, tangible value — both for owner-occupiers who want to live on-site, and for investors collecting residential rental income alongside commercial income. Properties with well-developed residential components consistently land at the higher end of the PSF range.
3. Building Condition and Recent Upgrades
Age alone isn't a reliable predictor of value here — most buildings in the park date from the mid-1980s to mid-2000s, so there isn't a huge spread. What matters more is condition and whether the building has been meaningfully updated.
The May 2024 sale at $213/SF was described as completely remodeled with food/medical-grade finishes, 800+ amp electrical service, 3-phase and 600V power, new furnaces, and new AC units — on a 1992-vintage building. The June 2023 sale at $342/SF showed similar investment: new gas furnace, heat pump, LED lighting, 200 amp service, fibre internet. Buyers pay a premium to avoid upgrade costs, and that shows clearly in the $/SF figures.
4. Site Size, Site Coverage and Land Value
Industrial properties are valued on both the building and the land. A building with a low site coverage ratio — meaning lots of usable yard space relative to the building footprint — can command a premium because that land has value for storage, parking, and future expansion.
The November 2021 sale is a good example: a 5,320 SF building on a 2.41-acre site with only 5% site coverage. That's a significant land component, and it's reflected in the price. On the flip side, properties with high site coverage offer more "building for the dollar" but less flexibility.
5. Tenancy and Income
Several of these sales involved tenant-occupied buildings. The June 2024 sale at $288/SF was tenant-occupied at the time under a short-term lease, and the July 2025 sale at $169/SF was fully rented with three lease agreements in place.
Income-producing properties get valued partly through the income approach — buyers look at cap rates and net operating income. Properties with solid leases in place can sell at a premium because the income is de-risked. That said, properties that appear under-rented relative to market can suppress $/SF if a buyer discounts for below-market leases.
6. Location and Highway Exposure
Within the Buena Vista park, not all locations are equal. Properties at the primary entrance on Highway 3 carry better traffic exposure and signage opportunities. The June 2024 sale at $288/SF was specifically noted for its Highway 3 frontage near the Highway 97 intersection — prime visibility for any business that relies on customer traffic or easy logistics access.
7. Functional Features: Overhead Doors, Ceiling Height, Electrical
For industrial users, the mechanics of a building really matter. How many overhead doors, and what's the clearance? What's the electrical service — single-phase 200A, or 3-phase 600V? Are there in-ground hoists, compressed air systems, or mezzanines?
These features directly determine what a building can be used for. A building with 3-phase power and food-grade finishes attracts a completely different pool of buyers than one with basic electrical and a single overhead door. Broader functional appeal means more competing buyers, which supports price.
The Active Listing: 11636 115th Street
For current context, there is an active listing in the park — a 9,000 SF ICF (Insulated Concrete Forms) building on a 0.50-acre site, listed at $2,099,000 ($233/SF), built in 2008. The property is partially tenanted and has six distinct commercial units.
At $233/SF it sits in the middle-to-upper portion of the comp range, which seems reasonable given the 2008 construction vintage (among the newest in the comp set), the superior ICF build quality, and the multi-unit layout. Whether it achieves asking price will depend on the strength of the tenancy and what a buyer concludes for market rent on the vacant units.
What Does This Mean for Owners and Buyers?
If You Own an Industrial Property in Osoyoos
The market has shown consistent demand over the past four-plus years, with sale prices generally in the $150–$345/SF range. If your building is smaller, well-maintained, has recent upgrades, includes a residential component, and sits on a reasonable lot, you're likely at the higher end of that range.
The biggest things you can do to support value before a sale: keep the building in good working order, ensure electrical and mechanical systems are current, and if you have a residential component, make sure it's functional and presentable. Buyers pay close attention.
If You're Looking to Buy
Be cautious about comparing $/SF across very different building sizes — a 2,000 SF building and a 12,000 SF building should not be expected to sell at the same price per square foot, and they don't. Also look closely at residential components — understand what's legal and conforming versus non-conforming, because it affects financing and future use.
Pay attention to electrical service. Upgrading from single-phase 200A to 3-phase power is a significant capital cost; if your intended use requires it, that needs to be factored into your offer. And in a small market like this, days on market matters — properties selling in 20–30 days are typically priced well relative to their condition and utility.
Final Thoughts
The Osoyoos industrial market is small, but it's active and the data tells a clear story. Sale prices per square foot are meaningfully influenced by building size, condition, residential components, land area, location within the park, and functional features. Every sale in this park has a story behind it, and understanding that story is how you make a well-informed decision — whether you're on the buying or selling side.
Need a Formal Industrial Property Appraisal in the South Okanagan?
I provide independent, AACI-designated commercial real estate appraisal services throughout Osoyoos and the broader South Okanagan region — including industrial, commercial, and mixed-use properties.
Whether you're buying, selling, refinancing, or dealing with a partnership dispute, estate settlement, or expropriation matter, a credible, well-supported appraisal from someone who actually knows this market can make a significant difference to your outcome.
My appraisals are accepted by major lenders, the courts, and CRA. I have direct knowledge of every sale in the Buena Vista Industrial Park — not just what's publicly available, but the details behind each transaction that actually drive value.
Bryce Witherspoon | Commercial Real Estate Appraiser | South Okanagan, BC
Disclaimer: Sale data sourced from MLS records and appraiser files. Information is believed to be reliable but should not be relied upon without independent verification. This article is intended for general information purposes only and does not constitute a formal appraisal or valuation opinion.