499 Wallace St, Nanaimo, BC V9R 5B7
499 Wallace St, Nanaimo, BC V9R 5B7
499 Wallace St, Nanaimo, BC V9R 5B7
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Office RE/MAX Generation

Office RE/MAX Generation

+1(250) 294-6683
Listed by Michael Guan Sutton Group-West Coast Realty (Nan)
$1,250,000
Est. payment /mo
4,608 SqFt
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UPDATED:

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 4,608 sqft

Price per Sqft $271

MLS Listing ID 1042861

HOA Y/N No

Year Built 1912

Annual Tax Amount $19,313

Tax Year 2025

Lot Size 2,613 Sqft

Acres 0.06

Property Sub-Type Mixed Use

Property 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.

Location

Province BC

County Nanaimo, City Of

Community Na Old City

Area Nanaimo

Zoning dt-7

Interior

Heating Heat Pump, Natural Gas

Cooling HVAC

Flooring Mixed

Fireplace No

Exterior

Exterior Feature Display Window

Utilities Available Natural Gas Connected

View Y/N Yes

View City, Ocean

Garage No

Building

Lot Description Central Location, Corner Lot, Curb & Gutter, Serviced, Shopping Nearby, Sidewalk

Foundation Concrete Perimeter

Sewer Sewer Connected

Water Municipal

Others

Ownership Freehold

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+1(250) 294-6683

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