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$ 2,600,000
Est. payment | /mo
9,878 SqFt
$ 2,600,000
Est. payment | /mo
9,878 SqFt
Key Details
Property Type Commercial
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Square Footage 9,878 sqft
Price per Sqft $263
Subdivision City Of Vernon
MLS® Listing ID 10339927
Originating Board Association of Interior REALTORS®
Lot Size 0.290 Acres
Acres 12632.4
Property Sub-Type Freehold
Property Description
A prime investment opportunity in the heart of downtown Vernon. This income-producing corner property offers a diverse revenue stream from six residential suites (2 one-bedroom and 4 bachelor units) and seven smaller, easily leasable commercial units. The offering includes a 9,878 SF building on a 10,000 SF lot, plus an adjacent 2,500 SF lot (MLS # 10340513) currently used for tenant parking. With Mixed-Use Commercial zoning, the property supports a wide range of uses, including residential and mixed-use housing, cannabis retail, commercial storage, food & beverage services, liquor stores, manufacturing, and major indoor entertainment. Future development potential allows for up to 16 stories / FAR 5.0 under the Official Community Plan. Ideally positioned steps from Justice Park and within walking distance to Polson Park, the Vernon Public Library, and Okanagan Spring Brewery, the property is surrounded by retail, dining, and professional services. Attractive pricing at $242/SF of Gross Leasable Area, with a 5.25% cap rate (excluding the notional value of separate vacant lot), based on the current rent roll. (id:24570)
Location
Province BC
Zoning Commercial
Rooms
Kitchen 0.0
Exterior
Parking Features No
Community Features High Traffic Area
View Y/N No
Private Pool No
Others
Ownership Freehold
Listed by Unison HM Commercial Realty
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Nick Palumbo
Agent | License ID: 5043946