Complete renovation of this 4 bed 2 bath + den 2600+ sq.ft. character home on a high traffic 7670 sq.ft. corner lot. Arguably one of the busiest 4 way stops in Nanaimo. All new windows, door, paint inside and out, new floors-bathrooms and bedrooms downstairs. 2 laundry rooms, separate entrances up and down. Parking for 5 cars out front and on a lane and can fit multiple RV's and boats in the back. Level fenced rear yard on a massive lane. Roof & natural gas furnace is 5 years old. Hardwood floors original upstairs. Large deck off of kitchen. Currently rented for $2300/mth plus utilities. The development potential here is amazing due to its location in the corridor and the 2 malls on the 2 other corners. If rezoned to COR2 which is a potential you can build 1.25 FAR which would give you approximately 9600 sq.ft. of build able which could be 3000 sq.ft. commercial with 6600 sq.ft. of residential above. Options to do mico suites or townhouses above. Rentals in this area are needed and in this location would be a hot commodity. Great long term hold to build a trophy building to add to your portfolio in the rapidly growing University District of Nanaimo. Property has a complete survey with contours available for any application to the City.
||497 5TH STREET
|Type of Dwelling
||2,664 Sq. Ft.
||7670 Sq. Ft.
||460 Realty Inc. (250-591-4601)
||Fully Fenced, Wkshop in House, RV Parking
||Southern Exp, Easy Access, Recreation Nearby, Curb & Gutter, View - Mountain, Shopping Nearby