In the major cities of BC, presale condo under $200,000 still exists! This is not any condo, but a downtown ocean view building with rooftop terrace! The market rent of the $159,900 studio units is approx. $1,000 / month. Quality builder, superior location, every unit has a secured underground parking space.
The Prospects is located in downtown Nanaimo on Vancouver Island. Nanaimo is the commercial and political center of Vancouver Island, with a population of about 100,000 and one of 17 national ports in Canada.
It is a five-story, 76-unit building conveniently located in downtown Nanaimo. It combines Nanaimo’s century-old history, beautiful sea views, and vigorous downtown living. Prospect is to redefine the Harborview area of the city.
You can walk along the beach, or you can stroll in the street shop.
The Prospects is only 2.5 kilometres away from Vancouver Island University (VIU), with convenient public transportation.
Nanaimo’s new apartment developments generally rent at about $1300 per month for one-bedroom units and about $1800 for two-bedroom units. Take the N102 unit of this building as an example, the asking price is $ 219,900, the market rent is about $ 1,300 / month, and the CAP rate reaches 5.7%.
The picture below shows the information on a nearby newly rented apartment building, in which available one-bedroom units start at$ 1,700 / month and two bedrooms start at $ 2,000 / month. Most units have been rented out.
Positive cash flow has become a fantasy in Vancouver. But in Nanaimo, it is completely achievable! If you want to know the cash flow of the unit you are interested in, please contact me to do the calculation for you.
Plans and views
The project consists of two buildings. The north building is a 1-2-bedroom unit, and the south building provides a variety of units ranging from bachelor suite to two bedrooms. There are 76 units in total.
The Prospects is in front of the sea, and behind it is the distant mountains. You will see panoramic views of city lights, snow-capped mountains, and islands from different floors of the building. Below are photos I took from the next door Outlook project on different levels. The top-level unit has incredible sea views, and you can see the ocean when standing on the first floor!
The designer chose a modern design and bright colours, and the kitchen is equipped with HanStone® quartz countertops and high-grade stainless steel appliances. Each unit comes with an underground parking space.
To make full use of natural light and the scenery, Prospect is divided into two buildings, the north and the south. On the top floor and the 4th-floor terrace, residents can enjoy the sun and sea views.
This project is another masterpiece of Vancouver developer Parkshore in downtown Nanaimo. Parkshore CEO Michael Parker has more than 25 years of construction and development experience and is passionate about the development of downtown Nanaimo. The first phase this series of projects named Outlook will be completed this year; Prospects is the second phase and is expected to be delivered in 2021; several other condo buildings are planned. Here’s the upcoming Outlook project and developer Parkshore’s vision for downtown Nanaimo:
Prospect was officially released on March 3rd, and I’ve locked some of the best-priced units.