$1,799,000

2003 37 Avenue, Vernon

East Hill, Vernon, BC V1T2W9

5,909 sq ft · Single-family home

Listed by Business Finders Canada

About this property

Rare re-development acquisition opportunity for just under half an acre of multifamily zoned residential development land. New architect renderings for three (3) new development options for townhomes and multifamily apartments with expansive city & lake views. One of the few redevelopment sites ever offered on the East Hill in Vernon. Excellent location, close to town, this rectangular 120 by 182-foot, 0.49-acre, 21,344 SF site with 117 ft of frontage and multiple rear laneway access points. The Lands come improved with a 5,909 square foot, 2-storey, multifamily conversion apartment building that produces good holding income with a suite mix of Five (5) 1-bedroom suites and five (5) studios. The building produces an annual gross income of $135,547.44 or $11,295.62 monthly with more near-term tenant turnovers anticipated to create significant rental increases. The new MUS - Multi-unit: Small Scale zoning allows for a range of small-scale housing development up to 3 Storeys in Height, including detached, attached, and multi-unit housing on lots under 4,050 square meters (1 acre) Zoning permits up to 24 Dwelling Units per acre which makes the site suitable for 12 Strata Title Units. Property not in Heritage Registry. Foundation is poured concrete encased rock, interior finishes include painted wood panel with wainscot/chair railed areas and a mix of carpet, vinyl, laminate, hardwood & tile flooring. Don't miss this rare opportunity to secure a solid income producing asset with excellent redevelopment potential. (id:67417)

Property details

Price

$1,799,000

MLS® number

10397602

Property type

Single-family home · Residential Commercial Mix · Other

Living area

5,909 sq ft

Lot size

0.49 acres · 0.49

Frontage

120 feet

Parking spaces

8

Community

East Hill, Vernon

Features

Heating

Radiant heat, See remarks

Parking

Carport, Rear

Roof

Asphalt shingle, Unknown

Exterior

Wood siding, Cedar Siding

Community

Family Oriented

Lot

Private setting, Treed

Water

Municipal water

Sewer

Municipal sewage system

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