499 Wallace St, Nanaimo BC V9R 5B7

$1,250,000 · For Sale

built 1912 · Commercial Sale

A rare opportunity to acquire a prominent downtown Nanaimo commercial property with stable income and future rental upside. The building is currently leased to an established tenant operating the popular Vault Café/Bar, who also manages the upper-floor office rentals. The existing lease runs until March 2028, providing dependable cash flow and a current cap rate of approximately 5%. Upon lease renewal, the buyer will have greater flexibility to restructure the tenancy, adjust rents to market levels or lease the café and office spaces separately, creating potential to increase the cap rate to over 6%, subject to market conditions and operating costs. The upper floor includes 7 office rooms, 2 bths, a kitchen/staff area, large windows and skylights. Located on a highly visible corner near City Hall, the Conference Centre, seaplane terminal and HeliJet, this unique heritage landmark offers an attractive combination of stable income, strong location and long-term investment potential.

Property details

Property type
Commercial Sale
Lot size
2443
Year built
1912

Photographs

499 Wallace St, Nanaimo — photograph 1499 Wallace St, Nanaimo — photograph 2499 Wallace St, Nanaimo — photograph 3499 Wallace St, Nanaimo — photograph 4499 Wallace St, Nanaimo — photograph 5499 Wallace St, Nanaimo — photograph 6499 Wallace St, Nanaimo — photograph 7499 Wallace St, Nanaimo — photograph 8499 Wallace St, Nanaimo — photograph 9499 Wallace St, Nanaimo — photograph 10499 Wallace St, Nanaimo — photograph 11499 Wallace St, Nanaimo — photograph 12