Details
Address | 501 Prideaux St |
Area | Nanaimo |
Sub Area | Old City |
State/Province | British Columbia |
Country | Canada |
Price | $1,174,900 |
Property Type | Lots/Acreage |
Bedrooms | 0 |
Bathrooms | 0 |
Lot Size | 14252.00 Square Feet |
Waterfront | No |
Year Built | 0 |
Taxes | $11,578 |
Tax Year | 2023 |
MLS® # | 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.