Description
Fully Entitled Mixed-Use Development. Vernal's First Urban-Style Condo Project. Rare opportunity to acquire a fully engineered, permit-ready mixed-use development in Vernal, Utah. Positioned as the first project of its kind in the market, the development has received substantial support and cooperation from the city and is expected to serve as a catalyst for continued downtown growth and activation. The proposed development consists of 18 residential condominiums and 5 street-front commercial suites designed to accommodate retail, or professional service users. The project has generated strong interest from prospective commercial tenants upon completion. Commercial NOI is projected at approximately $192,028 annually, including a 5% vacancy factor. Projected residential sellout is approximately $4,050,560. The neighboring city-funded and managed parking structure was developed with this project in mind and includes EV charging infrastructure, representing over $650,000 in public investment benefiting the site. The project includes eligibility for a $100,000 city facade improvement grant, further enhancing project value and streetscape appeal. All engineering plans are included in the sale, and negotiated construction pricing is available through the seller's proposed builder services. Seller is an experienced builder offering to complete the project for a 7.5% build fee, or buyers may elect to use their own contractor. Build appraisal available upon execution of NDA.
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0BEDS
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0.55ACRES
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0BATHS
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01/2 BATHS
School Information
Description
Fully Entitled Mixed-Use Development. Vernal's First Urban-Style Condo Project. Rare opportunity to acquire a fully engineered, permit-ready mixed-use development in Vernal, Utah. Positioned as the first project of its kind in the market, the development has received substantial support and cooperation from the city and is expected to serve as a catalyst for continued downtown growth and activation. The proposed development consists of 18 residential condominiums and 5 street-front commercial suites designed to accommodate retail, or professional service users. The project has generated strong interest from prospective commercial tenants upon completion. Commercial NOI is projected at approximately $192,028 annually, including a 5% vacancy factor. Projected residential sellout is approximately $4,050,560. The neighboring city-funded and managed parking structure was developed with this project in mind and includes EV charging infrastructure, representing over $650,000 in public investment benefiting the site. The project includes eligibility for a $100,000 city facade improvement grant, further enhancing project value and streetscape appeal. All engineering plans are included in the sale, and negotiated construction pricing is available through the seller's proposed builder services. Seller is an experienced builder offering to complete the project for a 7.5% build fee, or buyers may elect to use their own contractor. Build appraisal available upon execution of NDA.
Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of 2026-07-15T12:40:55.32. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed accurate. Buyer to verify all information.