501 Prideaux St, Nanaimo, BC

$1,099,000

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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.

Features of 501 Prideaux St

MLS® # 951995
Price $1,099,000
Bathrooms 0.00
Acres 0.33
Type Residential
Sub-Type Land
Status Active

Community Information

Address 501 Prideaux St
Area Na Old City
City Nanaimo
County Nanaimo, City of
Province BC
Postal Code V9R 2N8

Amenities

Parking Spaces 22
Is Waterfront No
Has Pool No

Interior

Heating Heat Pump
Cooling Air Conditioning
Fireplace No

Additional Information

Days on Market 118
Zoning DT8

Listing Details

OfficeOakwyn Realty Ltd.

Listing Map

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