About This Property
Prime development site in Vernon’s rapidly growing core. Zoned CMUB, this property supports an 8-storey mixed-use development with flexibility for commercial and multifamily uses. Its central location delivers outstanding visibility and access, making it ideal for retail, office or residential projects. A secure tenant is in place, generating $42,351.00 in annual Net Operating Income (NOI), allowing the property to function as a strategic holding asset while plans are developed. This is a rare opportunity to secure a site offering both immediate revenue and long-term development potential in one of the Okanagan’s most active growth corridors. Please do not approach the tenant or staff regarding the sale. (id:64973)
At $892 per square foot, this development site in Vernon's core is priced competitively compared to the city's average of $660 per square foot for similar mixed-use properties. Given the property's potential for an 8-storey mixed-use development and the existing secured tenant providing a 3.53% net operating income yield, this asset would be well-suited for experienced real estate investors seeking a strategic holding with stable cash flow and long-term development upside.
Property Details
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