501 Prideaux St, Nanaimo, BC V9R 2N8

$1,200,000

Courtesy of Oakwyn Realty Ltd.

List Price
$1,200,000
Acres
0.32
Subdivision
Na Old City

Property Description

An exceptional Multi family Development opportunity awaits with two distinct development paths, each promising lucrative returns. Firstly, proceed with the 21-unit development, ready for Building Permit application after May 2024. The central location offers 1 bedroom units with similar units selling for $625/sqft in the neighbouring area. The recently upgraded on-grade parking option helps to bring building costs down significantly. Projected rental cash flow is approx. $32K. If stratifying and selling units individually, estimated ROI is approx 35%. Alternatively, consider crafting 9 townhomes (approx. 1300 sqft each), eliminating architect costs and providing substantial savings. In addition, enjoy a property tax exemption through the City of Nanaimo, contributing to long-term financial benefits. Invest wisely in this rapidly growing city grappling with a housing shortage, making this property a prime opportunity for both immediate and sustained returns.

Additional Information

Lot Size
14,252
Lot Features
Central location, Curb & Gutter, Easy Access, Family Oriented, Hillside, Level Lot, Marina Nearby, Recreational, Shopping Nearby, Sidewalk, Cleared, Corner Lot, Irregular Lot, Serviced
Parking Type
On Site
Office Name
Oakwyn Realty Ltd.

Mortgage Calculator

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Calculator source: Real Geeks

Listing content Copyright 2024 Vancouver Island Real Estate Board. The above information is from sources deemed reliable, but should not be relied upon without independent verification.