501 Prideaux St, Nanaimo, BC

$1,099,000

Previous Next

0.33

Acres

About 501 Prideaux St

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.

Basic Information

Price $1,099,000
MLS® # 951995
Sub-Type Land
Baths 0.00
Lot Size 0.33 Acres

Location Information

Address 501 Prideaux St
Postal Code V9R 2N8
Area Nanaimo
Sub Area Old City
Jurisdiction City of Nanaimo
PID Number 003-398-188
Waterfront? No

Features & Amenities

Water Municipal
Sewer Sewer Available
Heating Heat Pump
Cooling Air Conditioning

Additional Information

Pet Policy Aquariums, Birds, Cats, Caged Mammals, Dogs
Rental Policy Unrestricted
Agricultural Land Reserve (ALR)? No

Listing Details

OfficeOakwyn Realty Ltd.

Listing Map