Historic property (Vernon Towne Theater Building) located in a prime location on Vernons main retail street, 30th Avenue. A rare combination of strong income and development zoning. Recent CMUC zoning allows for density up to 16 stories, ideal for a mixed use commercial/residential development. Hold for now, taking advantage of strong income with a diversified tenant mix and develop later. Current tenants include Towne Theatre Society, Castanet Media, Metis Cultural Society, Vibe Art Gallery, the Italian Kitchen Restaurant and Centre for Positive Living on the main level , with various office tenants on the upper level. There is also approx 1500+ sq ft of additional unfinished space ,off the side lane, on the east side of the building that could be developed for further rental income. The site is .502 acres in total, fronting on 30th Ave on the north side, 29th street on the south side, full lane access on the east side, and approx 50% lane access on the west side. The building is 2 stories, approx 28,000 sq ft with 21, 744 leasable , and a large unfinished bsmt area. An incredible holding property.
