I have sold a property at 116 Pryde Ave in Nanaimo on Mar 31, 2023. See details here
Here is what could be a great development potential property. Zoned COR1 “This zone provides for residential street-orientated, medium density, and office development along or near major roads” – City of Nanaimo Zoning excerpt. This holding property is rented to a very long-term tenant who would love to stay at the current, modest rent. While rent may not be market rate, the funds do service the debt while you wait to plan the construction and development. The lot is almost 0.25 acres (10,856 sqft) and sits on the corner of 2 streets. The home is in good shape with 3 bedrooms and the owner and tenant have shown to take care of the home with maintenance issues as they arise. Zoning documents are available as attachments from the city of Nanaimo. The seller recommends to the buyer perform their own due diligence on the Zoning, development potential, and condition of the property.