Historic revenue generating building offered for sale – IMPERIAL BLOCK. This staple of downtown Vermilion was built in 1912 by a group of British capitalists under the name British Investment Corporation/Northern and Vermilion Development Company, the Imperial was intended as a luxury office and apartment block. Mayor J.W.G. Morrison and his wife lived in the Imperial Block for a time during the 1920s. Countless students from the Vermilion School of Agriculture (today’s Lakeland College) boarded here until the school built a dormitory in 1928. Students were shuttled between the school and their rooms by a makeshift bus – a horse-drawn farm wagon fitted with a wide box and plank seats along each side. In winter, the wagon was set on a sleigh. Situated on a 60’ x 120’ lot, the 3 storey building which was constructed of local brick from the Vermilion Brick Factory comprises of a single commercial tenant on the main level, and 8 residential units above. Unit breakdown is: 1: 2bd; 2: oversized 1bd; 3: 2bd; 4: studio; 5: 2bd; 6: 2bd; 7: studio; 8: 2bd. Coin operated laundry on-site. Gross revenue of around $100,000 annually, providing over a 9% CAP rate on this investment opportunity. Contact for financial package to see how you can put your money to work for you! (id:51989)
Fearures of 4840 50 Avenue
- MLS® Number A2029416
- Price $620,000
- Square Footage: 7750 sqft
- Property Type: Commercial Mix
- Community Name: Vermilion
- Plan 6647s
Buildings
| Constructed Date | 1912 | Heating Fuel | Natural Gas |
| Size Exterior | 7750 Sqft | Size Interior | 7750 Sqft |
| Total Finished Area | 7750 Sqft | Type | Commercial Mix |
Land
| Acreage | No | Size Total Text | Unknown |
| Zoning Description | Cb |