$589,900
12 Gillespie St
Beds
2
Baths
1
Sqft
—
Year
1919
Type
Single Family
Suite
Investment signal
Location nearby
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Nanaimo. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.
About this home
Attention savvy investors or first-time buyers! This charming 2-bedroom, 1-bathroom home offers coastal appeal and functional living near the waterfront. Enjoy 925 sq. ft. of cozy upper-level living featuring a sun-filled country kitchen, all-day ocean views, and the comfort of a newly installed gas-fired forced air furnace and hot water tank. Situated on an over 8571sqft rectangle lot(55.3x155.4ft), this versatile property features a detached powered workshop, garden shed, and a fully fenced yard with dual-side gated parking for excellent privacy and security, ample space for your RV, boat, and multiple vehicles. The full basement is currently used for storage and a secondary workshop, offering excellent future potential. There is also potential for multi-family redevelopment (up to 4 units in R5 zoning—buyer to verify with the City), making this a compelling long-term investment. With strong demand in the area, this is an outstanding opportunity. Vacant for Easy to show! (id:65958)
- Subtype
- Single Family
- Structure
- House
- Community
- South Nanaimo
- Common interest
- Freehold
- Living area
- 925 square feet
- Lot size
- 8,572 square feet
- Lot dimensions
- 8572
- Parking
- 6 total
- On market
- Feb 23, 2026
- Status changed
- Apr 16, 2026
- Annual tax
- $3,344
- Zoning
- Residential
- Photos
- 33
- MLS#
- 1026633
- Area
- NANAIMO
Features and systems
Appliances
Heating
Cooling
Lot
View
Security
Cash on cash
-6.88%
Cap rate
3.49%
GRM
16.7
Break-even rent
$3,662
Financing
Operating expenses (monthly)
Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Mortgage estimate
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 16, 2026.