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:44393)
| MLS® Number | 1053326 |
| Property Type | Single Family |
| Neigbourhood | Old City |
| Features | Central Location, Cul-de-sac, Level Lot, Park Setting, Southern Exposure, Irregular Lot Size, Other |
| Parking Space Total | 2 |
| Plan | Vip9450 |
| Structure | Shed |
| View Type | City View, Mountain View |
| Bathroom Total | 2 |
| Bedrooms Total | 5 |
| Appliances | Dryer, Range - Gas, Refrigerator, Washer |
| Architectural Style | Westcoast |
| Constructed Date | 1955 |
| Cooling Type | None |
| Heating Fuel | Electric, Natural Gas |
| Heating Type | Forced Air |
| Size Interior | 2,093 Sqft |
| Type | House |
| Street | |
| Open |
| Access Type | Road Access |
| Acreage | No |
| Size Irregular | 9321 |
| Size Total | 9321 Sqft |
| Size Total Text | 9321 Sqft |
| Zoning Description | R-8 |
| Zoning Type | Residential |
| Level | Type | Length | Width | Dimensions |
|---|---|---|---|---|
| Lower Level | Laundry Room | 16'6 x 12'10 | ||
| Lower Level | Other | 4'3 x 7'5 | ||
| Lower Level | Living Room/dining Room | 23'3 x 16'10 | ||
| Lower Level | Kitchen | 14'9 x 6'2 | ||
| Lower Level | Utility Room | 6'6 x 10'2 | ||
| Lower Level | Bathroom | 7'8 x 6'8 | ||
| Lower Level | Bedroom | 12'3 x 8'7 | ||
| Lower Level | Bedroom | 16'5 x 10'0 | ||
| Lower Level | Primary Bedroom | 13'6 x 13'8 | ||
| Main Level | Entrance | 3'10 x 9'0 | ||
| Main Level | Mud Room | 5'10 x 8'9 | ||
| Main Level | Kitchen | 8'0 x 16'10 | ||
| Main Level | Living Room | 17'0 x 12'2 | ||
| Main Level | Dining Room | 8'9 x 7'9 | ||
| Main Level | Bathroom | 9'1 x 7'8 | ||
| Main Level | Bedroom | 14'3 x 10'9 | ||
| Main Level | Primary Bedroom | 18'6 x 11'9 |
https://www.realtor.ca/real-estate/30478889/619-pine-st-nanaimo-old-city
Contact us for more information
Ian Jivraj
(888) 828-8447
(888) 828-8447
(855) 624-6900
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