We’re excited to present an exceptional investment opportunity in the Extension neighborhood of Nanaimo, secured for under $300,000! Situated on a spacious 12,500 sq ft legal double lot, this property features 1 municipal address but includes 2 Legal Descriptions and 2 Parcel IDs. The existing structure, a 1974 3-bed, 2-bath, 1,248 sq ft house, has experienced significant water damage from a deck intrusion. However, this challenge opens up 4 distinct profit paths for savvy investors:

1. Sell As-Is: List the property on the MLS for lot value, attracting buyers looking for prime land
2. Repair and Upgrade: Address the water damage, perform cosmetic upgrades and sell the refreshed property on the market
3. Divide and Sell: Demolish the existing house and sell each lot individually
4. Build New: Demolish the current structure and construct 2 new houses, maximizing your investment return

This property offers an ultra-low entry price with multiple exit strategies, allowing you to tailor your investment to your goals. Don’t miss out on this unique opportunity to make a profitable investment in Nanaimo’s real estate market!

We are selling our assignable purchase contract.

Closing is Sept 27, 2024
*No special conditions on the CPS*

• 1-storey split level
• Owner occupied, vacant possession
• 3 bedrooms
• 2 bathrooms
  • 4-piece located on the main level
  • 3-piece located on the lower level
    • Water damage on flooring is from a leak in the kitchen. The leak has been fixed but the damage to the bathroom remains
• Built in 1974
• Interior square footage: 1248 sq ft (as per BC Assessment) 
  • There are 4 steps between the main level and lower level
• Main level features a 1 bedroom, 1 bathroom, living room, kitchen, dining room and laundry room
• Lower level is slab on grade and features 2 bedrooms, 1 bathroom, family room and laundry room
• Crawlspace: 3 ft and accessed from the main level
• All appliances will be included
• Wood stove is located in the lower level family room
• Flooring: carpet, tile, linoleum, and laminate
• 200 AMP breaker panel
• Heated with electric baseboard and a wood stove
  • Wood stove is a Drolet 2000 model that was replaced in 2020 and is wett certified. The chimney was replaced in 2020 (as per Seller)
  • Seller will be leaving 1-2 winters worth of wood on the property
• HWT was installed in 2024 (as per Seller)
• Windows are double pane aluminum, age is unknown
• Roof and soffit were replaced in 2010 (as per Seller)
  • Roof has been tarped due to a suspected leak. The Seller later discovered that the leak was from the chimney flashing. This leak has been fixed but the tarp remains
• Deck attached to the rear of the house allowed water to leak into the house. The deck has been removed. There is water damage to the siding and floor joists. The estimate to repair the damage is $50,000 (as per Seller)
• Property is partially fenced with grass in the front and back
• Greenhouse and henhouse located in the backyard
• Asphalt driveway can fit 10 cars
• Wood siding
• On municipal water and septic
  • Septic was last emptied in 2022 (as per Seller)
• Property is not in a floodplain zone
• Lot size: 12,500 sq ft (as per BC Assessment)
  • Double lot, has 2 Legal Descriptions and 2 Parcel IDs
• Zoning: RS2 (as per THIS zoning map)
  • RS-2 zoning allows for Secondary Suites – HERE page 3-22