501 Prideaux Street Street
$1,099,000 | Old City, Nanaimo
About this Land
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.
Listed by Oakwyn Realty Ltd..
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Call Shane at 778.585.5010 or fill out the form below.
Features
- MLS®: 951995
- Type: Land
- Bedrooms: 0
- Bathrooms: 0
- Lot Size: 14,252 sqft
- Taxes: $11,578 (2023)
- Parking: 22
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