$1,799,000 Sale

Listed 61 days ago

2003 37 Avenue

MLS® 10397602 Residential Commercial Mix

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Beds · 0

Baths · 0.0

Parking · 8

Sqft · 5909

Est. mortgage

$6,825/mo

Key Facts

Key facts for 2003 37 Avenue

Property Type

Commercial

Parking

Garage: No, 8 parking

MLS #

10397602

Size

5909 sqft

Basement

Listed on

Lot size

Tax

Days on Market

Year Built

Maintenance Fee

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 $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:10452)

Full Property Details

Interior

Washrooms

0.0

Square Footage

5909 sqft

Heating Type

Radiant heat, See remarks

Full Bathrooms

Half Bathrooms

Washrooms

0.0

Square Footage

5909 sqft

Heating Type

Radiant heat, See remarks

Full Bathrooms

Half Bathrooms

Exterior

Acreage

0.49 ac|under 1 acre

Parking Spaces

Garage Spaces Y/N

Roof Material

Asphalt shingle

Land Amenities

Public Transit, Park, Recreation, Schools, Shopping

Acreage

0.49 ac|under 1 acre

Parking Spaces

Garage Spaces Y/N

Roof Material

Asphalt shingle

Land Amenities

Public Transit, Park, Recreation, Schools, Shopping

Building Description

Home Type

Commercial

Subtype

Residential Commercial Mix

Exterior

Cedar Siding, Wood siding

Sewers

Municipal sewage system

Water Supply

Municipal water

Fire Protection

Security system, Smoke Detector Only

Home Type

Commercial

Subtype

Residential Commercial Mix

Exterior

Cedar Siding, Wood siding

Sewers

Municipal sewage system

Water Supply

Municipal water

Fire Protection

Security system, Smoke Detector Only

Community

East Hill

Area Code

Vernon

Features

Family Oriented

Community

East Hill

Area Code

Vernon

Features

Family Oriented

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Norm Brenner

Email: [email protected] Cell: 250-938-0421