LOADING

497 5th St Nanaimo, British Columbia V9R 1N9

4 Bedroom 2 Bathroom 2666 sqft
Fireplace None Forced Air

$699,900

Holding development site that's got wicked revenue streams in the centre of the University District. One of only main undeveloped property in the centre of the University district & Harewood's Community Plan area. The University Village Mall is on the 2 other corners totalling approx 8 acres of new commercial retail as the commercial center node. This property is in what's called the commercial corridor w/ densities up to 150 units per hectare. Based off this you could propose an approximately 9600 Sq ft building with ground floor commercial and 2 maybe 3 floors above of residential. The sites on a massive lane as well and the city already upgraded major infrastructure around the property in the past 5 years. Furthermore the city will be developing the infrastructure of building a lighted 4 -way intersection as it's potentially the busiest 4 way stop sign in Nanaimo. This will take place soon and it will increase the visibility/value of the site and it will benefit from the extensive boulevard/roadwork/sidewalk that will encapsulate all aspects of the 4 corners complete infrastructure. Ideally when the city has completed their work you can more easily visualise how powerful the locations impact will be on any number of businesses looking to secure a high traffic location in this rapidly growing city/community. The upper level will come fully furnished and the house has everything in it to run the rental (all linens, kitchen is stocked, beds, tables, couches, chez lounge, 3 flat screen smart tv’s, and a caretaker nearby for managing all changeovers. Its been a monthly rental at an average of $4200/m upstairs and the owners private 2 bed/ 1 bath residence below while working in town. It’s a turn key cash flow holding asset and you can use downstairs as the owners have if you wanted as it’s got rough in for kitchen and laundry and all the kitchen cabinets are stored downstairs from a house in west Vancouver.The full basement is basically brand new. (id:16027)

Property Details

MLS® Number 921488
Property Type Single Family
Neigbourhood South Nanaimo
Features Central Location, Curb & Gutter, Level Lot, Southern Exposure, Corner Site, Other, Rectangular
Parking Space Total 5
Plan Vip8068
View Type Mountain View

Building

Bathroom Total 2
Bedrooms Total 4
Cooling Type None
Fireplace Present Yes
Fireplace Total 1
Heating Fuel Natural Gas
Heating Type Forced Air
Size Interior 2666 Sqft
Total Finished Area 2598 Sqft
Type House

Land

Acreage No
Size Irregular 7670
Size Total 7670 Sqft
Size Total Text 7670 Sqft
Zoning Description R1
Zoning Type Residential

Rooms

Level Type Dimensions
Lower Level Storage 7'9 x 7'8
Lower Level Recreation Room 15'9 x 14'0
Lower Level Den 21'2 x 12'0
Lower Level Bedroom 12'2 x 11'2
Lower Level Bedroom 14'8 x 9'2
Lower Level Bathroom 3-Piece
Main Level Living Room 18'7 x 14'1
Main Level Laundry Room 10'6 x 6'6
Main Level Kitchen 14'7 x 10'1
Main Level Hall 9'2 x 4'10
Main Level Dining Room 11'5 x 10'7
Main Level Bedroom 14'11 x 11'11
Main Level Bedroom 12'0 x 11'11
Main Level Bathroom 4-Piece

https://www.realtor.ca/real-estate/25188284/497-5th-st-nanaimo-south-nanaimo

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Contact Jeff King, Realtor®

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To contact Jeff King directly to discuss your real estate needs, please do one of the following:

Phone me at 250-751-4902
Email me using the form to the right

If you prefer regular mail, you can send me your letter mail in care of the Sutton Group – West Coast Realty address below.

Sutton West Coast Realty

604 – 5800 Turner Road
Nanaimo BC V9T 6J4

Office phone: 250-756-2112
Office fax: 250-756-9144