4,608 sqft

C$1,250,000

499 Wallace St, Nanaimo BC, V9R 5B7

Price per sqftC$271.27

Built in1912

Property size4,608 sqft

Property typeCommercial

Courtesy of Sutton Group-West Coast Realty (Nan)

Overview

Active

Listed Jul 14, 2026

Updated Jul 15

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.

Additional information

MLS^® ID: 1042861

Interior Features

Cooling: Yes
Heating: Yes
Basement: No

Exterior Features

Lot Size: 0.06 Acres

Other Property Details

Taxes: $19,313
Tax Frequency: Annually
View: Yes

Courtesy of Sutton Group-West Coast Realty (Nan), Michael Guan

Listing Contact: 250-756-2112

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