Address
499 Wallace St, Nanaimo, BC
Price
$ 1,250,000
Property Attributes
  • MLS#1042861
  • TypeCommercial
  • Listing Status Active
  • CityNanaimo
  • AreaNanaimo
  • NeighbourhoodNa Old City
  • Postal CodeV9R 5B7
  • StyleMixed Use
  • Year Built1912
  • Taxes$ 19313
  • Price$ 1,250,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage4608
  • Lot Size0.06 Acres
Data Source:
Vancouver Island Real Estate Board (VIREB)
Property Description

A rare opportunity to acquire a prominent downtown Nanaimo commercial property with stable income and future rental upside. The building is currently leased to an established tenant operating the popular Vault Café/Bar, who also manages the upper-floor office rentals. The existing lease runs until March 2028, providing dependable cash flow and a current cap rate of approximately 5%. Upon lease renewal, the buyer will have greater flexibility to restructure the tenancy, adjust rents to market levels or lease the café and office spaces separately, creating potential to increase the cap rate to over 6%, subject to market conditions and operating costs. The upper floor includes 7 office rooms, 2 bths, a kitchen/staff area, large windows and skylights. Located on a highly visible corner near City Hall, the Conference Centre, seaplane terminal and HeliJet, this unique heritage landmark offers an attractive combination of stable income, strong location and long-term investment potential.

General Features

Sewer Sewer Connected
Heating Heat Pump,Natural Gas
Cooling HVAC
Ceiling Height 18
Zoning dt-7
View City,Ocean
Property Subtype Mixed Use
Property Type Commercial Sale
Construction Materials Brick,Stucco
Commercial Area Downtown
Commercial Listing Type Building,Land

Interior Features

Flooring Mixed
Total Units 6

Exterior Features

Building Features High Traffic Area,Shopping Nearby,Transit Nearby,Visual Exposure
Exterior Features Display Window
Lot Features Central Location,Corner,Curb & Gutter,Serviced,Shopping Nearby,Sidewalk
Water Source Municipal
Foundation Poured Concrete
Building Area Total 4608.00
Lot Size Square Feet 2443.00
Lot Size Acres 0.06
View YN Yes

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No Strata Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in V9R 5B7

Price
AVG $1.25M
$1.25M
Taxes
AVG $19,313
$19,313
Year Built
AVG 1912
1912
Visits
AVG 25
24
Data Provided by Inside Real Estate®

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