Land
Lot Size: 14,252 sqft
$1,099,000
About this Land in Old City
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..
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..
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Brixwork for your convenience.
Disclaimer: MLS® property information is provided under copyright© by the Victoria Real Estate Board & Vancouver Island Real Estate Board.
The information is from sources deemed reliable, but should not be relied upon without independent verification.
More Details
- MLS®: 951995
- Bedrooms: 0
- Bathrooms: 0
- Type: Land
- Lot Size: 14,252 sqft
- Taxes: $11,578 (2023)
- Parking: 22
More about Old City, Nanaimo
Latitude: 49.160424
Longitude: -123.939429