10-unit Multifamily Building With Redevelopment Potential For Sale

Description

Redevelopment Opportunity - Multifamily Residential Property in Vernon, British ColumbiaA rare redevelopment opportunity on just under half an acre of multifamily-zoned residential land in Vernon’s East Hill area. This 0.49-acre / 21,344 SF rectangular site features 117 ft of frontage, multiple rear laneway access points, and expansive city and lake views.New architectural renderings have been prepared showcasing three potential development concepts, including townhome and multifamily apartment options.The property is improved with a 5,909 SF two-storey multifamily conversion apartment building, providing strong holding income while future redevelopment opportunities are explored.Property Highlights:* Five 1-bedroom suites and five studio suites* Annual gross income of $124,030.20* Monthly gross income of $10,335.85* Potential for rental increases with upcoming tenant turnover* New MUS - Multi-Unit: Small Scale zoning in place* Potential for small-scale housing forms up to three storeys* Zoning permits up to 24 dwelling units per acre* Potential for up to 12 strata title units* Not listed on the Heritage RegistryLocated close to town and rarely available in East Hill, this property offers a strong income-producing asset with significant long-term redevelopment potential.