$699,000 | Old City Nanaimo for Sale at 532 Prideaux St Nanaimo

Explore 532 Prideaux St, a Desirable Old City home for sale for $699,000! This Old City for sale in Nanaimo has been listed on Real-Estate.ca for 62 days under MLS® #1036561. This home is a 1,334 square foot Single Family built in 1910 with 3 bedrooms and 2.00 bathrooms. Parking is Stall. Explore the Nanaimo real estate market and available Old City homes for sale!

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:6289)

Old City Map, Demographics, Characteristics