5,909 ft²Multifamily$1,799,000Sale
5,909 ft²
Multifamily
$1,799,000
Sale
Steve Harvey
Business Finders Canada
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Rare redevelopment acquisition opportunity on just under half an acre of multifamily-zoned residential land in Vernon’s East Hill. This 0.49-acre / 21,344 SF rectangular site offers 117 ft of frontage, multiple rear laneway access points, and expansive city and lake views. New architectural renderings have been prepared for three potential development concepts, including townhome and multifamily apartment options.
The Space
Asking Price$1,799,000
Available Space5,909 ft²
Property UseInvestment property / Multi family
MLS® ID10387848
SourceDirect
The Building
The property is improved with a 5,909 SF, two-storey multifamily conversion apartment building, providing strong holding income while future redevelopment plans are explored. The suite mix includes five 1-bedroom suites and five studio suites, generating annual gross income of $124,030.20, or $10,335.85 monthly, with anticipated near-term tenant turnover creating potential for rental increases. The new MUS – Multi-Unit: Small Scale zoning allows a range of small-scale housing forms up to three storeys, including detached, attached, and multi-unit housing on lots under 4,050 sq. m. / 1 acre. Zoning permits up to 24 dwelling units per acre, making the site suitable for up to 12 strata title units. The property is not listed on the Heritage Registry. Located close to town and rarely offered in East Hill, this is a strong income-producing asset with excellent long-term redevelopment potential.
Property TypeMultifamily
ZoningMUS
Up to $500K for British Columbia businesses
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