DOWNTOWN NANAIMO

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501 Prideaux St
Na Old City Nanaimo V9R 2N8

$1,099,000
Residential beds: 0 baths: 0.0

Main Photo: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 1: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 2: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 3: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 4: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 5: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 6: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 7: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 8: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 9: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 10: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 11: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Photo 12: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
Status:
Active
Prop. Type:
Residential
MLS® Num:
951995
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:
Residential
Type:
Land
Close Price Lease Total:
Existing Lease Expiry:
Listing General Location:
Na Old City, Nanaimo
Bedrooms:
0
Bathrooms:
0.0 (Full:-/Half:-)
Lot Size:
14,252.099 sq. ft.
Kitchens:
0
Taxes:
Ceiling Heights:
Commercial Area:
# Bedrooms or Dens Total:
0
# Main Level Bedrooms:
0
# Second Level Bedrooms:
0
# Third Level Bedrooms:
0
# Lower Level Bedrooms:
0
# Other Level Bedrooms:
0
# Main Level Bathrooms:
0
# Second Level Bathrooms:
0
# Third Level Bathrooms:
0
# Lower Level Bathrooms:
0
# Other Level Bathrooms:
0
# Main Level Kitchens:
0
# Second Level Kitchens:
0
# Third Level Kitchens:
0
# Lower Level Kitchens:
0
# Other Level Kitchens:
0
Water supply:
Municipal
Sewer:
Sewer Available
Cooling:
Air Conditioning
Heating:
Heat Pump
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:
Number of 2 piece baths:
0
Number of 3 piece baths:
0
Number of 4 piece baths:
0
Number of 5 piece baths:
0
Number of 2 piece Ensuites:
0
Number of 3 piece Ensuites:
0
Number of 4 piece Ensuites:
0
Occupancy:
Vacant
Carport Spaces:
0
Garage Spaces:
0
Garage:
No
Total Parking Spaces:
22
Total Units:
Date Listed:
Jan 31, 2024
Original Price:
1200000.0
  • Photo 1: 501 Prideaux St in Nanaimo: Na Old City Land for sale : MLS®# 951995
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Listed by Oakwyn Realty Ltd.
Data was last updated May 29, 2024 at 10:05 AM (UTC)
Area Statistics
Listings on market:
81
Avg list price:
$575,000
Min list price:
$279,000
Max list price:
$1,799,000
Avg days on market:
40
Min days on market:
1
Max days on market:
342
Avg price per sq.ft.:
$528.08
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.