About this home
Outstanding covered land play opportunity. 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 building produces enough annual revenue to cover all expenses & provide a healthy net income over and above holding costs. 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.
Highlights & things to check
Highlights
- Zoned Multi-Unit: Small Scale (MUS), which the listing says allows up to 3 storeys and multi-unit housing on lots under 1 acre.
- The 0.49-acre (21,344 sq ft) lot has 117 ft of frontage and multiple rear laneway access points.
- An existing 2-storey building has five 1-bedroom suites and five studios, with annual gross income of $135,547.44 per the listing.
- Municipal water and sewer serve the property, and it is not in a City flood or wildfire hazard permit area.
- Nearby: Vernon town centre 900 m, Vernon Civic Arena 920 m, and Vernon Jubilee Hospital 1.7 km.
Things to check
- Ask for the rent roll, lease terms and actual expense figures, as the listing gives no expense amounts.
- Ask the City which approvals a 12-unit strata project would need, as the renderings show three concept options.
- Ask whether the five studios and five 1-bedroom suites are permitted, as the building is described as a multifamily conversion.
- 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.
Living at 2003 37 Avenue
Neighbourhood scores
8.8 / 10Walk & bike score: 7.5 / 10, from how close the nearest school, park or trail, rec centre and town centre are.
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Scores and distances are Sean Phillips’s own measure of straight-line distance from this home to public B.C. map data (schools, parks and trails, lakes, town centres, rec centres, hospitals). They are not part of the MLS® listing; please check anything that matters to you.
Distances from the front door
Straight-line distances. Driving distances are longer.
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
City of Vernon map facts
- Zoning
- Multi-Unit: Small Scale (MUS). See what this zone allows, including suites
- Future plans (OCP 2025)
- Neighbourhood: Suburban
- City neighbourhood
- East Hill
- Flood hazard area
- No, not in the City’s flood hazard permit area.
- Wildfire hazard area
- No
- Nearest fire hall
- About 0.8 km away (Fire Hall 1), straight-line distance. Inside the 10-minute response area for Station 1 (Downtown). A nearby fire hall matters for home insurance and for emergencies: firefighters are often first on scene for medical calls too.
- Garbage and organics
- Tuesday Biweekly Garbage Pickup (Week 1 of 2), Tuesday Weekly Organics Pickup
- What’s planned nearby
- 2001 39 AVE: To facilitate a proposed 2 lot subdivision on the subject property, keeping the existing house and attached garage on one lot. Application
- 3211 22 ST: To obtain a Form & Character Development Permit for a 16-unit townhouse project in the Multi-Unit Small-Scale Housing zone. Application
- 3211 22 ST: To vary the following section of Zoning Bylaw 6000: a) Table 6.1 – Minimum Landscape Buffer: Reduce the required south side yard buffer from 1.5 m to 1.0 m along the drive aisle. b) Section 6.5.11 – Maximum Retaining Wall Height: Increase retaining wall height i. from 1.2 m to 2.3 m along a portion of the accessible walkway between Buildings 1 and 2. ii. from 1.2 m to between 1.7 m and 2.3 m along a portion of the accessible walkway between Buildings 1 and 2. iii. from 1.2 m to 1.8 m along the south lot line adjacent to Building 2. iv. from 1.2 m to 1.9m along the south lot line adjacent to Building 3. c) Section 7.2.8 - Grades: Increase the maximum drive aisle grade from 8% to 12% for the drive aisle accessing the lane. Application
From the City of Vernon’s public maps, checked 2026-10-22. Not part of the MLS® listing. Please confirm anything important with the City of Vernon.
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Listing information is provided by Business Finders Canada through the REALTOR.ca DDF®. It is deemed reliable but not guaranteed accurate and should be independently verified. Last updated 2026-10-15.