$1,099,000 · Multi-Family Development Opportunity

🔻 Reduced Price! 🔻 🏠 501 Prideaux Street 💰 New Price: $1,099,000 An exceptional Multi-family Development opportunity awaits with two distinct development paths, each promising lucrative returns. 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 neighboring 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. This property presents a prime development opportunity in a rapidly growing city grappling with a housing shortage, offering both immediate and sustained returns. Don't miss out on this incredible development opportunity!