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2902 31 Avenue & 3006 29 Street
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2902 31 Avenue & 3006 29 Street $2,600,000
$2,600,000
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2902 31 Avenue & 3006 29 Street
Vernon, British Columbia V1T2G4

MLS® Number: 10339927

Listing 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. (38412067)

Property Summary

Property Type
Other
Building Type
Residential Commercial Mix
Neighbourhood Name
City of Vernon
Title
Freehold
Land Size
0.29 ac|under 1 acre
Annual Property Taxes
$26,114.14
Time on REALTOR.ca
13 days

Building

Bathrooms
Partial
0
Building Features
Features
Corner Site
Neighbourhood Features
Community Features
High Traffic Area
Amenities Nearby
Public Transit, Recreation, Shopping

Measurements

Square Footage
9878 sqft

Land

Lot Features
Present Use
Mixed use
Other Property Information
Access
Easy access
Zoning Type
Commercial
Data provided by: Association of Interior REALTORS® #112 - 140 Commercial Drive, Kelowna, British Columbia V1X 7X6
250-859-4043
Email
Book showing
Unison HM Commercial Realty
100-730 Vaughan Ave
Kelowna, British Columbia V1Y7E4
250-866-0088
236-766-1697
Geoffrey Oliver