499 Wallace St, Nanaimo, BC

Name: 499 Wallace St, For Sale in Nanaimo - Zoocasa
Brand: Sutton Group-West Coast Realty (Nan)
SKU: 1042861
Price: 1250000 CAD

House

For Sale

Listed price in listed location currency (CAD).

$1,250,000

000

MLS® 1042861

Overview

Key Facts

Type Mixed Use

Levels Commercial Sale

Size -

Garage

Taxes $19,313

Days Active 7

Lot Size 0.06 Acres

Approx. Age 1912

MLS® Number 1042861

Property Address: 499 Wallace St, Nanaimo, BC, V9R5B7

Average square foot calculated using Size range provided by listing agent.

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.

MLS® Number1042861

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age1912

Basement

Driveway

Garage Spaces

HeatHeat Pump, Natural Gas

A/CHVAC

Extras

Map

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