About this home
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.
Highlights & things to check
Highlights
- Lot of about 0.49 acres (21,344 sq ft) with 117 ft of frontage and rear laneway access, per the listing.
- Zoned Multi-Unit: Small Scale (MUS), which allows up to 3 storeys. The listing says the site suits about 12 strata title units.
- Existing 5,909 sq ft building has five 1-bedroom suites and five studios, with annual gross income of $135,547.44 per the listing.
- Municipal water and sewer service. City map facts show no flood or wildfire hazard permit area.
Things to check
- Ask for the current rent roll and tenancy agreements to verify the listed gross income.
- Ask the City to confirm the unit count and redevelopment approvals described in the listing.
- The City has a development application on file within about 400 m. See City of Vernon map facts for details.
- The building dates from 1910, so ask for records of past upgrades and any permits on file.
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.
Family Home Match
Everyone in the family marks what matters to them (Skip, Nice or Must), and every home gets a match score. Kids too.
Set up my family’s matchYour answers stay on your phone or computer.
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
- $1,799,900
- MLS® number
- 10400204
- Property type
- Commercial · Multi-Family · Multi-family
- Ownership
- Freehold
- Living area
- 5,909 sq ft
- Lot size
- 0.49 acres · 0.49
- Frontage
- 120 feet
- Year built
- 1910
- Parking spaces
- 8
- Community
- East Hill, Vernon
Features
- Heating
- Radiant heat, See remarks
- Parking
- Carport, Rear
- View
- City view, Lake view, Mountain view
- Roof
- Asphalt shingle, Unknown
- Exterior
- Wood siding, Cedar Siding
- Community
- Family Oriented, Rentals Allowed
- 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.
Similar homes nearby
The same type of home in Vernon, priced within 25% of this one, closest to it first.
$1,550,000
3007 35th Avenue
City of Vernon, Vernon
4,362 sq ft · Commercial
Century 21 Assurance Realty Ltd
$2,200,000
3306 30 Avenue Lot# Lot 1
City of Vernon, Vernon
11,700 sq ft · Commercial
RE/MAX Vernon
$1,699,900
3301 Coldstream Avenue
City of Vernon, Vernon
8,804 sq ft · Commercial
RE/MAX Vernon
$2,200,000
3710-3712 24 Avenue
City of Vernon, Vernon
Commercial
RE/MAX Vernon
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.