619 Pine Street, Nanaimo - Single Family for Sale

Description

Strong rental income today. Substantial land value and redevelopment potential for tomorrow. The generous 9,300 sq. ft. lot and R8 zoning provide substantial future potential, while the character home offers immediate rental appeal. Features include original hardwood floors, coved ceilings, abundant natural light, a bright kitchen with southern Mt. Benson views, spacious living areas, an oversized primary bedroom, and a large 3-bedroom lower suite! Enjoy a private south-facing deck and fenced backyard, plus recent updates including a newer roof, windows, and furnace. Conveniently located near shopping, schools, and transportation. 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. Recent updates include a newer roof, windows, and furnace. Conveniently located close to shopping, schools, and transportation. Measurements are approximate; buyer to verify. (id:66096)

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