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501 Prideaux St Nanaimo, British Columbia V9R 2N8

$1,200,000

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. (id:33633)

Property Details

MLS® Number 951994
Property Type Vacant Land
Neigbourhood Old City
Features Central Location, Curb & Gutter, Hillside, Level Lot, Corner Site, Irregular Lot Size, Partially Cleared, Other, Marine Oriented
Plan Vip21489

Building

Fireplace Present No

Land

Acreage No
Size Irregular 14252
Size Total 14252 Sqft
Size Total Text 14252 Sqft
Zoning Description Dt8
Zoning Type Unknown

https://www.realtor.ca/real-estate/26466545/501-prideaux-st-nanaimo-old-city

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