Commercial Land for sale

501 Prideaux St, Nanaimo

$1,174,900 or
$1,174,900 or

Commercial Land for sale

501 Prideaux St, Nanaimo

Features

Lifestyle
951994 1174900 /en/commercial-land~for-sale~nanaimo/951994?view=Summary /en/commercial-land~for-sale~nanaimo/951994/photos 49.1605200000 -123.9395100000 true
Lot Size
14,252 sqft
Gross Property Tax
$11,578.32 /year
Zoning
DT8
Additional Features
Central Location, Cleared, Corner, Curb & Gutter, Easy Access, Family-Oriented Neighbourhood, Hillside, Irregular Lot, Level, Marina Nearby, Recreation Nearby, Serviced, Shopping Nearby, Sidewalk
Water Supply
MNCP
Sewer/Septic
Sewer Available

Description

Embark on a promising multifamily development venture, offering two lucrative paths for savvy investors. Firstly, consider the 21-unit development, set for a Building Permit application post-May 2024. Nestled in a prime central location, the project features 1-bedroom units, aligned with market trends fetching $625/sqft in the neighboring area. The upgraded on-grade parking not only enhances accessibility but also significantly trims building costs. Anticipate a robust financial performance with a projected rental cash flow of approximately $32K, showcasing the property's income-generating potential. For strategic exits, stratifying and selling units individually could yield an estimated 35% ROI, highlighting the property's versatility. Alternatively, explore crafting 9 townhomes, eliminating architect costs and translating into substantial savings. This aligns seamlessly with the growing demand for townhome living in the area, offering diverse housing solutions. Capitalize on a unique financial advantage through a property tax exemption by the City of Nanaimo, amplifying long-term fiscal benefits. The city's rapid growth and housing shortage position this property as a prime opportunity for immediate and sustained returns. In summary, this multifamily development opportunity combines a strategic location, flexible development options, attractive financial projections, and long-term fiscal benefits, presenting a compelling investment in a rapidly growing city's dynamic real estate landscape. Seize this chance to contribute to the city's housing needs while securing a sound investment with promising returns.
MLS® Number 951994

Listing REALTOR®

Siya Herman, REALTOR<sup>®</sup>

Siya Herman

REALTOR®

Oakwyn Realty Ltd. (NA)

Location

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  • The amounts shown above are for information purposes only and do not include taxes, if applicable.
  • You must purchase mortgage default insurance if your down payment is less than 20 per cent of the purchase price of the property.
  • This calculator doesn't calculate the further 2% tax on residential property greater than $3,000,000 or the additional property transfer tax on residential property transfers to foreign entities or taxable trustees. Learn more about property transfer tax.
  • There are additional costs to buying a home. Speak with your REALTOR® for more information.
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