507 Milton Street, Nanaimo, British Columbia V9R2L2

Property Description

An opportunity to acquire freehold interest in a mixed use residential/retail rental complex centrally located in Nanaimo. Completed in 2024, the complex is comprised of 25 large townhouse units all with exterior entrances, individual hot water tanks, dishwashers and laundry rooms, as well as 3 commercial CRU’s over three buildings. The property is currently fully rented but built to strata specification, and the potential exists to stratify and sell the individual units separately in the future. The complex benefits from a partial property tax exemption until 2033. This is a rare opportunity to buy a newer rental asset with stable holding income and future strata sale potential. The property is located in the South End area, one of Nanaimo's older, walkable residential neighbourhoods bordering downtown, characterized by a mix of established housing stock, small apartment buildings, and neighbourhood-serving commercial nodes along streets like Milton, Albert, and Machleary. It benefits from proximity to downtown Nanaimo's core (shops, harbourfront, government/civic offices) and is popular with students with direct transit to Vancouver Island University. (id:5764)