10-unit Multifamily Building With Redevelopment Potential For Sale

Description

Property type: multifamily residential redevelopment property

Location: East Hill, Vernon, British Columbia

Land area: 0.49 acres

Land area: 21,344 sq. ft.

Site shape: rectangular

Frontage: 117 ft

Zoning: MUS - Multi-Unit: Small Scale

Current use: multifamily rental property

Existing improvements

Building type: two-storey multifamily conversion apartment building

Building area: 5,909 sq. ft.

1-bedroom suites: 5

Studio suites: 5

Total existing suites: 10

Financial information

Annual gross income: $124,030.20

Monthly gross income: $10,335.85

Holding income: generated by existing rental units

Upcoming tenant turnover: stated

Rental increase potential: stated in connection with tenant turnover

Site and access

Rear laneway access: multiple access points

City views: available

Lake views: available

Town access: close

Development potential

Small-scale housing height: up to 3 storeys

Zoning density: up to 24 dwelling units per acre

Potential strata units: up to 12

Development concepts prepared: 3

Architectural renderings: prepared

• Townhome development concept
• Multifamily apartment development concept
• Additional small-scale multifamily development concept

Development options: subject to required approvals

Heritage status

Heritage Registry listing: no

Potential uses

• Continue existing multifamily rental operation
• Hold for future redevelopment
• Develop townhomes
• Develop multifamily apartments
• Develop other permitted small-scale multi-unit housing