Property Description

This is the most compelling business case in Nanaimo right now! Cash-flow positive rental income covers your mortgage and principal. And an investor's intention to build an apartment building on this R8-zoned 9000+ sq ft lot could qualify for 100% financing through the CMHC Apartment Construction Loan Program. This income-producing property offers investors a compelling combination of current rental revenue and long-term redevelopment potential in Nanaimo’s historic Chinatown neighbourhood. The property currently generates $3,600/month ($43,200/year) in rental income, with month-to-month tenants who wish to stay. The generous 9,300 sq. ft. lot and R8 zoning provide significant long-term potential, making this an attractive holding property for investors looking beyond immediate positive cash flow. The character home features original hardwood floors, coved ceilings, abundant natural light, a bright kitchen with southern views toward Mt. Benson, a spacious living room, and an oversized primary bedroom. A nicely finished 3-bedroom lower suite, private south-facing deck, and fenced backyard add further appeal. Recent updates include a newer roof, windows, and furnace. Conveniently located close to shopping, schools, and transportation. Strong rental income today. Substantial land value and redevelopment potential for tomorrow. Measurements are approximate; buyer to verify. (id:7434)