DOWNTOWN NANAIMO

Forgot password Extend Verify Contact

501 Prideaux St
Na Old City Nanaimo V9R 2N8

$1,099,000
Commercial Sale

Main Photo: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 1: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 2: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 3: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 4: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 5: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 6: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 7: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 8: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 9: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 10: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 11: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Photo 12: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
Status:
Active
Prop. Type:
Commercial Sale
MLS® Num:
951994
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.
Property Type:
Commercial Sale
Type:
Unimproved Land
Commercial Type:
Land
Lease Type:
See Remarks
Close Price Lease Total:
Existing Lease Expiry:
Listing General Location:
Na Old City, Nanaimo
Bathrooms:
- (Full:-/Half:-)
Lot Size:
14,252.099 sq. ft.
Taxes:
Ceiling Heights:
Commercial Area:
Water supply:
Municipal
Sewer:
Sewer Available
Fireplace:
No
Pending Date:
Main Level
0
Yes
No
Unrestricted
Financing Notes:
Assessed:
Assessment year:
Approximate Inventory Value:
Fixed Equipment Approx. Value:
Goodwill Approx. Value:
Gross Income:
Net Operating Income:
Association Fee:
Association Fee Frequency:
Jurisdiction name:
City of Nanaimo
Legal Description:
Zoning:
DT8
Units in Building:
Units in Community:
Lot Site Features:
Central Location, Cleared, Corner Lot, Curb & Gutter, Easy Access, Family-Oriented Neighbourhood, Hillside, Irregular Lot, Level, Marina Nearby, Recreation Nearby, Serviced, Shopping Nearby, Sidewalk
Parking Features:
On Site
Total Units:
Date Listed:
Jan 31, 2024
Original Price:
1200000.0
  • Photo 1: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 1 of 12
  • Photo 2: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 2 of 12
  • Photo 3: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 3 of 12
  • Photo 4: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 4 of 12
  • Photo 5: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 5 of 12
  • Photo 6: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 6 of 12
  • Photo 7: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 7 of 12
  • Photo 8: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 8 of 12
  • Photo 9: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 9 of 12
  • Photo 10: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 10 of 12
  • Photo 11: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 11 of 12
  • Photo 12: 501 Prideaux St in Nanaimo: Na Old City Unimproved Land for sale : MLS®# 951994
    Photo 12 of 12
Listed by Oakwyn Realty Ltd.
Data was last updated May 29, 2024 at 12:05 PM (UTC)
Area Statistics
Listings on market:
34
Avg list price:
$912,350
Min list price:
$49,500
Max list price:
$4,880,000
Avg days on market:
92
Min days on market:
15
Max days on market:
364
These statistics are generated based on the current listing's property type and located in Na Old City. Average values are derived using median calculations.
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.