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Fully leased, income-producing investment opportunity in the heart of downtown Vernon. This well-maintained three-storey office building is fully occupied by five established tenants, providing immediate, stable cash flow with an approximate 5.25% cap rate based on the current asking price and existing rental income. Offering approximately 13,778 rentable square feet, elevator service, and exceptional corner exposure, this is a turnkey commercial asset in one of Vernon's most sought-after downtown locations. A rare second parcel with 20 owned parking stalls provides outstanding value, additional income potential, and future redevelopment flexibility. With zoning that supports redevelopment of up to 16 storeys, this property offers both reliable income today and significant long-term upside. Surrounded by professional offices, restaurants, shopping, government services, and everyday amenities, this is an exceptional opportunity to acquire a premium investment property in Vernon's downtown core.
Highlights
- Fully leased to five tenants, with existing rental income, per the listing.
- Three-storey office building with elevator service and corner exposure, per the listing.
- A second parcel with 20 owned parking stalls, per the listing.
- Zoning is Commercial Mixed Use: Centre (CMUC), which the listing says supports redevelopment up to 16 storeys.
- Town centre is about 300 m away, Vernon Recreation Complex about 620 m, and Vernon Jubilee Hospital about 740 m.
Things to check
- Ask for the rent roll, current leases and operating expenses to verify the approximate 5.25% cap rate.
- The listing shows 15,000 sq ft and about 13,778 rentable sq ft; ask which figures apply to this building.
- Heating and roof are both listed as Other; ask what systems are in place and how old they are.
- The City has a development application on file within about 400 m. See City of Vernon map facts for details.
Sean Phillips’s notes from the listing and public information. Not part of the MLS® listing. Please confirm anything important.
Good to know: B.C.’s 20% foreign buyers’ tax doesn’t apply in Vernon, because Vernon is in the Regional District of North Okanagan. Moving from Vancouver or the Fraser Valley to Vernon →
Overall neighbourhood score 8.5 / 10; walk & bike score 7.8 / 10, from how close the nearest school, park or trail, rec centre and town centre are. Scores and distances are Sean Phillips’s own straight-line measures from this home to public B.C. map data. They are not part of the MLS® listing; driving distances are longer, so please check anything that matters to you.
- Grocery storeCanadian Wholesale Club · 0.4 km6 min each wayMostly flat · 0% tree shade
- CoffeeThe Bean Scene · 0.1 km2 min each wayMostly flat
- Elementary schoolBeairsto Elementary School · 0.5 kmSchool walk check: Footpaths, sidewalks or quiet streets for about 84% of the walk · 4 main-road crossings: 30 Street (marked crosswalk), 29 Street (marked crosswalk), 30 Avenue (marked crosswalk), 32 Avenue (marked crosswalk)7 min there, 6 min homeMostly flat · 0% tree shade
- Park or playgroundCenotaph Park · right next door1 min each wayMostly flat
- Beach / lake accessKal Beach · 4.0 km50 min there, 49 min home55 m uphill on the way there · 18% tree shade
- DowntownDowntown Vernon · 0.5 km6 min each wayMostly flat · 0% tree shade
- Rail trailOkanagan Rail Trail · 4.0 km50 min there, 49 min home70 m uphill on the way there · 17% tree shade
- HospitalVernon Jubilee Hospital · 1.0 km14 min there, 12 min home30 m uphill on the way there · 0% tree shade
- GolfVernon Golf Club · 1.9 km24 min there, 23 min home25 m uphill on the way there · 9% tree shade
- Grocery storeFreshCo · 0.5 km3 min each wayMostly flat · 0% tree shade
- CoffeeThe Bean Scene · 0.1 km2 min each wayMostly flat
- Elementary schoolBeairsto Elementary School · 0.5 km4 min there, 3 min home10 m uphill on the way there · 0% tree shade
- Park or playgroundCenotaph Park · right next door2 min each wayMostly flat
- Beach / lake accessKal Beach · 4.0 km19 min there, 17 min home55 m uphill on the way there · 19% tree shade
- DowntownDowntown Vernon · 0.5 km4 min there, 3 min homeMostly flat · 0% tree shade
- Rail trailOkanagan Rail Trail · 4.0 km19 min there, 18 min home70 m uphill on the way there · 18% tree shade
- HospitalVernon Jubilee Hospital · 1.1 km8 min there, 5 min home30 m uphill on the way there · 2% tree shade
- GolfVernon Golf Club · 1.9 km10 min there, 9 min home25 m uphill on the way there · 9% tree shade
- Grocery storeFreshCo · 0.5 km3 min each wayMostly flat · 0% tree shade
- CoffeeThe Bean Scene · 0.1 km2 min each wayMostly flat
- Elementary schoolBeairsto Elementary School · 0.5 km3 min each way10 m uphill on the way there · 0% tree shade
- Park or playgroundCenotaph Park · 0.1 km2 min each wayMostly flat
- Beach / lake accessKal Beach · 4.0 km12 min each way55 m uphill on the way there · 18% tree shade
- DowntownDowntown Vernon · 0.5 km3 min each wayMostly flat · 0% tree shade
- Rail trailOkanagan Rail Trail · 4.0 km12 min each way70 m uphill on the way there · 17% tree shade
- HospitalVernon Jubilee Hospital · 1.1 km5 min there, 4 min home30 m uphill on the way there · 2% tree shade
- GolfVernon Golf Club · 1.9 km7 min each way25 m uphill on the way there · 9% tree shade
Sean Phillips’s own estimate, not part of the MLS® listing. Real routes on public map paths and roads, with the hills counted both ways, to the quickest-to-reach place of each kind. Times are averages for a relaxed pace; please check anything that matters to you. Map data © OpenStreetMap contributors. How HillSmart ratings work →
- Price
- $4,179,000
- MLS® number
- 10393107
- Property type
- Single-family home
- Ownership
- Freehold
- Living area
- 15,000 sq ft
- Lot size
- 0.23 acres
- Year built
- 1995
- Parking spaces
- 20
- Annual taxes
- $65,571
- Community
- City of Vernon, Vernon
- Cooling
- Heat Pump
- Parking
- Additional Parking
- Exterior
- Brick, Stucco
- Lot features
- Elevator
- Water
- Municipal water
- Sewer
- Municipal sewage system
- Parking details
- 20 spaces in total · Additional Parking
From the City of Vernon’s public maps, checked October 26, 2026. Not part of the MLS® listing. Please confirm anything important with the City.
- 3003 28 AVE: This application is for a form and character Development Permit for a 32-unit, six-storey social housing development that would be owned and operated by the Canadian Mental Health Association. Application
- 3003 28 AVE: This application seeks to vary the following sections of Zoning Bylaw 6000 for a six-storey, 32-unit social housing development owned and operated by the Canadian Mental Health Association: - Building Setback (CMUC Zone, Sec. 11.3.5): Reduce the setback from 28th Ave from 1m to 0.2m for Levels 2 through 6. - Landscape Buffers (Table 6.1): Reduce the required 1.5m-wide buffer along the lane to 0m, except for a 2.6m-long planter. - Landscape Buffers (Table 6.1): Reduce the required 1.5m-wide buffer along the street to 0m, except for a 6.89m-long planter. Application
- 3300 31 AVE: A Development Permit for the form and character of a 6 storey mixed-use building in the CMUC Zone, DP Area #1 - City Centre. Variances to reduce commercial parking and reduce setback along the lane. Application
- 3300 31 AVE: A Delegated Minor Development Variance Permit application to reduce minimum building setback and inclusive short term bike stalls (see DP001121). (wm) Application
A nearby fire hall matters for home insurance and emergencies; firefighters are often first on scene for medical calls too.
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Listing information is provided by RE/MAX Vernon Salt Fowler through the REALTOR.ca DDF®. It is deemed reliable but not guaranteed accurate and should be independently verified. Last updated 2026-09-30.