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.
Address |
501 Prideaux St |
List Price |
$1,174,900 |
Property Type |
Commercial Sale |
Type of Dwelling |
Unimproved Land |
Area |
Nanaimo |
Sub-Area |
Na Old City |
Lot Size |
14252 Sq. Ft. |
MLS® Number |
951994 |
Listing Brokerage |
Oakwyn Realty Ltd.
|
Postal Code |
V9R 2N8 |
Tax Amount |
$11,578 |
Tax Year |
2023 |
Amenities |
Central Location, Cleared, Corner Lot, Curb & Gutter, Easy Access, Family-Oriented Neighbourhood, Hillside, Irregular Lot, Level, Marina Nearby, Recreation Nearby, Serviced, Shopping Nearby, Sidewalk |