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Investment signal

$750,000

639 Kennedy St

Beds

8

Baths

2

Sqft

Year

Location

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About this home

This property offers strong rental income and excellent future potential in the heart of Nanaimo’s Old City. The current dwelling features eight individual studio units with shared bathrooms and laundry facilities, grossing over $6,100 per month in rental revenue. The property is comprised of two separately titled lots, providing an exceptional opportunity for future development—build an additional dwelling on the second lot (details to be confirmed with the City of Nanaimo). Convenient lane access adds further flexibility. Centrally located near downtown amenities, transit, and the waterfront, this property is an ideal addition to any investment portfolio. The home is listed on the heritage register as a non-protected property; it was originally the Dykes Residence. The current use with cooking facilities in each unit has non-conforming status, see more info from City on supplements. All data & measurements are approximate and must be verified if fundamental. (id:65958)

Subtype
Single Family
Structure
House
Community
Old City
Common interest
Freehold
Living area
2,352 square feet
Lot size
9,405 square feet
Lot dimensions
9405
Parking
2 total
On market
Oct 30, 2025
Status changed
Apr 14, 2026
Annual tax
$5,942
Zoning
Multi-Family
Photos
29
MLS#
1018400
Area
NANAIMO

Features and systems

Parking

Open

Heating

Forced air

Cooling

None

Lot

Other
Negative cash flow ~$1,480/mo at these assumptions

Cash on cash

-11.84%

Cap rate

3.52%

GRM

16.7

Break-even rent

$5,308

Financing

Down payment$150,000
Loan amount$600,000
Mortgage$3,681/mo

Operating expenses (monthly)

Property tax(est. 0.55%/yr (AB avg))$344
Insurance$80
Maintenance$625
CapEx reserve$313
Vacancy loss$188

Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 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.

Lifestyle 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.

Mortgage estimate

Estimated $3,681/mo at 5.49% with 20% down, 25-yr amortization.Estimate only — actual payment varies by qualification + insurance.

Listing brokerage

Listing brokerage on file

Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 14, 2026.

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