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- $1.2M Price
- .32 Acres
- 87 DOM
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501 Prideaux St
– $1,174,900
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.
Essential Information
- MLS® #951994
- Price$1,174,900
- Bathrooms0
- Acres0.32
- TypeCommercial Sale
- Sub-TypeUnimproved Land
- StatusActive
- Taxes$11,578
- Tax Year2023
Community Information
- Address501 Prideaux St
- AreaNa Old City
- CityNanaimo
- CountyNanaimo, City of
- ProvinceBC
- Postal CodeV9R 2N8
Additional Information
- Listing OfficeOakwyn Realty Ltd.
- Days on Market87
- ZoningDT8
NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. The website must only be used by consumers for the purpose of locating and purchasing real estate.