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
Year Built
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