501 Prideaux St Nanaimo, British Columbia V9R 2N8

$1,099,000

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:28820)

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