2003 37 Avenue

2003 37 Avenue

Vernon, British Columbia

$1,799,000
5909 sqft SQ FT

Property Description

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 $124,030.20 or $10,335.85 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:6770)

Overview

Price $ 1,799,000
MLS # 10387848
Age 1910
Size 5909 sqft
Lot Size 0.49 acres
Exterior Cedar Siding, Wood siding
Water Municipal water
Sewer Municipal sewage system
Flooring Carpeted, Mixed Flooring, Wood
View City view, Lake view, Mountain view
Property Type Multi-family
Roof Unknown
Local Amenities Public Transit, Park, Recreation, Schools, Shopping
Stories 1.5
Listing Office Business Finders Canada
Contact Us for More Information

Property Information

2003 37 Avenue, Vernon

Price: $1,799,000

Property Type: Multi-family

Building Type: Multi-Family

MLS #: 10387848

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