291 Wallace St

291 Wallace St · Nanaimo, Old City · Retail · $2,300,000 · MLS 1033639

Nanaimo, British Columbia · Neighbourhood: Old City

C$2,300,000

For sale

291 Wallace St is located in Nanaimo (Old City). Property snapshot: Retail, listed at $2,300,000, MLS 1033639. Compare transit, schools, similar supply, strata/carrying costs and resale liquidity—not just photos and asking price. Current DOM/site exposure: 52. Latest recorded list price 2300000.00.

List Price: $2,300,000

MLS: 1033639

Days on Site: 52

Price History: Latest recorded list price 2300000.00

Local Decision Guide

How should buyers evaluate 291 Wallace St?

Start by reading this listing in its Nanaimo Old City context: price, property type, land or strata setup, age, transit, schools, similar supply, carrying costs and resale liquidity should be considered together, not just photos and asking price.

What should be checked before writing an offer?

Recent comparable sales, competing active listings, days on market, price changes and current market pace.
Property condition, inspection risk, insurance, financing, tax, title and any disclosure documents.
For strata homes, review minutes, contingency reserve, special levies, rental rules and pet bylaws.

How do buyers find land with rebuild or multiplex potential, what should they watch, and how can returns be improved?

To find land with this potential, start with zoning, lot size, frontage, lane or driveway access, servicing, trees, slope, basement conditions, BC Assessment, title restrictions and municipal permits. The highest-return plan is usually not simply the maximum unit count; it is the best balance between approval risk, construction cost, rent or resale pricing, floor-plan efficiency, parking and holding period.

What does this page not replace?

It does not replace a realtor, lawyer, inspector, mortgage broker, insurance review, tax advice, strata documents, BC Assessment or municipal records. Use it to form better questions, then verify independently.

Listing FAQ

What is the current list price for 291 Wallace St?

This page shows a list price of $2,300,000 with MLS 1033639.

What type of home is this Nanaimo, Old City listing?

The page shows Retail at 291 Wallace St. Buyers should still verify strata/land context, interior size, age and inspection findings.

How long has this listing been on the market?

Current records show about 52 days on market/site. Latest recorded list price 2300000.00.

What should buyers check first on this listing?

Start with price, location, property type, land or strata context, condition, schools/transit, recent comparable sales and carrying costs; if redevelopment or multiplex potential matters, also review zoning, lot size, servicing and municipal rules.

Can AI analysis replace professional advice?

No. AI analysis is for faster context and market screening; final decisions should still rely on a realtor, lawyer, inspection, financing, tax and municipal due diligence.

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Remarks

Excellent opportunity to acquire a multi-tenanted retail investment at the gateway to Nanaimo’s historic Gallery Row. The Property comprises two adjacent titled lots improved with a predominantly single-storey retail building, offering strong street exposure and a diverse tenant mix. The asset provides stable in-place income with additional upside through lease-up of one vacant unit. Located within a vibrant downtown node, the Property benefits from consistent pedestrian activity and is supported by significant nearby residential developments, including a 195-unit and a 163-unit project. The building is listed on the City of Nanaimo Community Heritage Register, contributing to the character of the Old City Quarter. Offered at $2,300,000, reflecting an approximate 5.69% stabilized cap rate. Further information available upon execution of a confidentiality agreement. (id:56153)