This is the most compelling business case in Nanaimo right now!
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.
The character home features original hardwood floors, coved ceilings, abundant natural light, a bright kitchen with southern views toward Mt. Benson, a spacious living room, and an oversized primary bedroom. A nicely finished 3-bedroom lower suite, private south-facing deck, and fenced backyard add further appeal.
Recent updates include a newer roof, windows, and furnace. Conveniently located close to shopping, schools, and transportation.
Strong rental income today. Substantial land value and redevelopment potential for tomorrow.
Measurements are approximate; buyer to verify.
Address
619 Pine St
List Price
$669,000
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
1051042
Listing Brokerage
Stonehaus Realty Corp.
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