532 Prideaux St Nanaimo, British Columbia V9R 2N7

$699,000

This centrally located property in the heart of Nanaimo offers an exceptional opportunity for small to mid-scale developers looking to enter or expand within the multi-family market. Currently operating as a single-family residence with consistent rental revenue, the true value lies in the development potential already unlocked. The City of Nanaimo has approved a development permit for a well-designed fourplex consisting of four three-bedroom units, each with family-oriented floorplans and private exterior balconies. Notably, two of the units will feature limited ocean views. Designed with both community and privacy in mind, each unit features a townhouse-style entry with its own exterior door. This layout not only enhances curb appeal but fosters a sense of individual identity and ownership while still creating a cohesive community atmosphere—an increasingly desirable feature among modern homebuyers. This project is a rare find in the Nanaimo market, where new three-bedroom units are in short supply. The design directly addresses the growing demand for attainable housing by providing family-sized units that can serve both the end-user homeowner and the long-term investor. The development fulfills all City parking requirements and has been thoughtfully conceived as a missing middle solution—offering practical density without compromising livability or neighborhood character. With the Development Permit in place and a well-positioned floorplan design in a supply-constrained market, this is a strong candidate for a build-to-sell or build-to-hold strategy. Measurements Approx. Verify if important. (id:48643)

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https://www.realtor.ca/real-estate/28246964/532-prideaux-st-nanaimo-old-city