Description

Premier Landmark commercial property, the Towne Theatre building, on 30th Avenue, Vernons main retail downtown street. Strong diversified tenant mix with excellent income. 95% leased with med to long term leases, many recently renewed, current gross income $285,900. Increasing to $299,000 in 2027. Also rezoned for high density mixed use commercial/ residential development up, to 16 floors. The building sits on .50 acre site large enough for a future high density project without the need for a land assembly. The site has frontage on 2 streets, 30th and 29th avenue, and has 2 side lanes for amazing access for future re-development. Major updates incl New HVAC heaters 2013,Roof 2017, new hi-eff Boilers with electronic controls for theater space 2021. Current tenants include Towne Theatre Society, Castanet Media, Ustaad G76 restaurant, Metis Cultural Society, Centre for Positive Living, Vibe Art Gallery, Dan Poulin Law, and various small businesses in the 2nd floor offices.