619 Pine St
Nanaimo, British Columbia
MLS® 1053326
$599,000
- Status
- Active
- Property type
- House
- MLS® number
- 1053326
- Bedrooms
- 5
- Bathrooms
- 2
- Year built
- 1955
1 / 44Listing 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.
Property summary
- MLS® number
- 1053326
- Property type
- Single Family
- Building type
- House
- Square footage
- 2,093 sq ft
- Title
- Freehold
- Land size
- 9321 square feet
- Built in
- 1955
- Annual property taxes
- $4,752.69
- Parking
- 2 spaces · Open, Street
- Days on market
- 1 day
Features & details
- Heating
- Forced air, Electric, Natural gas
- Cooling
- None
- Appliances
- Washer, Refrigerator, Range - Gas, Dryer
- Lot features
- Central location, Cul-de-sac, Level lot, Park setting, Southern exposure, Irregular lot size, Other
- View
- City view, Mountain view
- Architectural style
- Westcoast
What would this home cost you?
Based on the $599,000 asking price at a 5.00% example rate, semi-annual compounding.
Renanza Realty Inc. can represent you on this property — send an enquiry to arrange a private viewing.
Listing courtesy of Real Broker, Campbell River.
The listing data displayed here is provided in part by the Canadian Real Estate Association (CREA) through its Data Distribution Facility (DDF®) and is drawn from Boards and Associations across Canada. Information is deemed reliable but is not guaranteed accurate by CREA. The listings are held by brokerages other than Renanza Realty unless otherwise noted.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.