Strong rental income today. Substantial land value and redevelopment potential for tomorrow.
The generous 9,300 sq. ft. lot and R8 zoning provide substantial future potential, while the character home offers immediate rental appeal. Features include original hardwood floors, coved ceilings, abundant natural light, a bright kitchen with southern Mt. Benson views, spacious living areas, an oversized primary bedroom, and a large 3-bedroom lower suite!
Enjoy a private south-facing deck and fenced backyard, plus recent updates including a newer roof, windows, and furnace. Conveniently located near shopping, schools, and transportation.
Cash-flow positive rental income covers your mortgage and principal. And an investor's intention to build an apartment building on this R8-zoned 9000+ sq ft lot could qualify for 100% financing through the CMHC Apartment Construction Loan Program.
This income-producing property offers investors a compelling combination of current rental revenue and long-term redevelopment potential in Nanaimo’s historic Chinatown neighbourhood.
The property currently generates $3,600/month ($43,200/year) in rental income, with month-to-month tenants who wish to stay. The generous 9,300 sq. ft. lot and R8 zoning provide significant long-term potential, making this an attractive holding property for investors looking beyond immediate positive cash flow.
Recent updates include a newer roof, windows, and furnace. Conveniently located close to shopping, schools, and transportation.
Measurements are approximate; buyer to verify.
Address
619 Pine St
List Price
$599,000
Property Type
Residential
Type of Dwelling
Single Family Residence
Style of Home
West Coast
Transaction Type
Sale
Area
Nanaimo
Sub-Area
Na Old City
Bedrooms
5
Bathrooms
2
Floor Area
2,093 Sq. Ft.
Lot Size
9321 Sq. Ft.
Lot Size (Acres)
0.2 Ac.
Year Built
1955
MLS® Number
1053326
Listing Brokerage
Real Broker
Basement Area
Finished, Full, Walk-Out Access, With Windows
Postal Code
V9R 2C7
Tax Amount
$4,752.69
Tax Year
2026
Features
Breakfast Nook, Dining Room, Dining/Living Combo, Dryer, Eating Area, Electric, Forced Air, Insulated Windows, Mixed, Natural Gas, Oven/Range Gas, Range Hood, Refrigerator, Soaker Tub, Vinyl Frames, Washer, Window Coverings, Workshop
Amenities
Central Location, Cul-De-Sac, Easy Access, Family-Oriented Neighbourhood, Fencing: Full, Garden, Irregular Lot, Landscaped, Level, Low Maintenance Yard, Park Setting, Quiet Area, Recreation Nearby, Serviced, Shopping Nearby, Southern Exposure, Storage Shed