497 5th St Nanaimo, British Columbia V9R 1N9

$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:52782)

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