For Sale: 2003 37 Avenue, Vernon, BC - REW
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$1,799,000
0 bd • 0 ba • 5909 sf • Multifamily
2003 37 Avenue
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$1,799,000
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2003 37 AvenueVernon, BC, V1T 2W9

  • 0 Bed
  • 0 Bath
  • 5909 Sqft
  • Multifamily

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 $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:63626)
Listed by: Damon Stamboulieh, Business Finders Canada

Home facts and features

Price details
List Price
$1,799,000
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Home facts
Bedrooms
0
Full Bathrooms
Parking Spaces
8
Parking Details
Carport, Rear
Property Type
Multifamily
Lot Size
120 ft x 0 ft (21344 ft²)
Depth
Frontage
120.0 feet
Year Built
Built in 1910 (116 yrs old)
Title
Freehold
Style
Multi-level
Exterior Finish
Wood siding, Cedar Siding
Heating Type
Radiant heat, See remarks
Features
Private setting, Security system, Smoke Detector Only, Treed
Agent details
Primary Agent
Primary Broker
Business Finders Canada
Listing details
Days on REW
55 Days
Property Views
18
MLS® Number
10387848
Source
Canadian Real Estate Association
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Purchase Price
Mortgage Total
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Amortization
25 Years
Interest Rate
3.99%

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Property Insights

Silver Star Elementary School
  • Public
  • K - 7
Beairsto Elementary School
  • Public
  • 1 - 7
W L Seaton Secondary School
  • Public
  • 8 - 12
Harwood School
  • Public
  • Pre-K - 7
St James School
  • Independent
  • K - 7
Pleasant Valley Christian Academy
  • Independent
  • K - 4
Vernon Secondary School
  • Public
  • 8 - 12
Alexis Park School
  • Public
  • Pre-K - 7
Mission Hill Elementary School
  • Public
  • K - 7
B X Elementary School
  • Public
  • K - 7
School catchments and distances are intended to be used as reference only. To verify enrolment eligibility for a property, contact the school directly.Report Incorrect Info
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Call Agent
Damon Stamboulieh
Phone:
(250) 540-3855
Cell:
250-540-3855
Office:
250-491-1111
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By proceeding, you consent to receive communications using the methods provided, from REW.ca and our partners about your inquiry and other home-related matters to assist you in your search, but not as a condition of any purchase.