571 Albert St
Nanaimo, BC V9R2W1
$2,490,000
Property Details
Property & Lot
- Sub-type
- Multi-Family
- Lot size
- 6,623 square feet
- Zoning
- Unknown
Ownership & Fees
- Property type
- Other
- Ownership
- Freehold
- Annual property tax
- $15,228
Interior
- Heating
- Baseboard heaters
- Fireplace
- None
Exterior & Lot
- View
- City view, Mountain view
Listing Information
- MLS®
- 1042858
- Listed
- July 17, 2026
- Time on market
- On the market for 45 days
- Data last synced
- August 28, 2026
Listing provided by: Sutton Group-West Coast Realty (Nan) · Data source: CREA DDF.
Description
Exceptional investment opportunity featuring a meticulously maintained 10-unit rental building constructed in 2019. The property generates more than $12,000 per month plus utilities, with a projected cap rate of approximately 4.5%–5%. Ideally located near transit, ferries, float-plane service, shopping centres, malls, schools, parks, churches, and other essential amenities. Building maintains 100% occupancy, supported by an ongoing tenant wait-list that reflects the strong demand for rental housing in this location. Professionally managed and exceptionally clean, the property benefits from a stable roster of responsible tenants and offers a straightforward, low-maintenance investment. With the seller preparing for retirement, attractive vendor-financing options may also be available. Whether expanding an established portfolio or entering the multifamily rental market, this property offers reliable income, modern construction, strong tenant demand, and excellent long-term investment potential. (id:63159)
Location Insights
Weather
13°C
Partly Cloudy
Humidity 89%
Wind WSW 6 km/h
Tonight
12°
Tuesday
21°
Tuesday night
14°
Wednesday
16°
Wednesday night
11°
Thursday
17°
Source: Environment and Climate Change Canada.
Population
99,863
(2021 Census)
+10.3% since 2016
Density: 1,104.1/km²
Dwellings: 45,138
Median household income: $75,500
After-tax: $68,500
Immigrant population: 16.1%
Top countries of origin (% of total population)
- United Kingdom3.5% · 3,495
- China1.3% · 1,285
- United States of America1.2% · 1,155
- India1.1% · 1,075
- Philippines1% · 1,040
- Germany0.6% · 635
- Korea, South0.5% · 470
- Viet Nam0.5% · 455
Source: Statistics Canada, 2021 Census of Population.
Location Accessibility
Our own metric — not an official Walk Score®.
Amenities
67
8/9 categories nearby
Transit
—
Not enough data yet
How this is calculated
Amenities: points awarded per category (restaurants, cafes, grocery, parks, shopping, gyms, pharmacies, banks/ATMs, healthcare) based on distance to the nearest one — 3 points under 200m, 2 points under 500m, 1 point under 800m — summed across all 9 categories and scaled to 0–100.
Transit: based on the number of transit stops within 800m and their mode (SkyTrain weighted highest, then streetcar/ferry, then bus). This reflects stop type and count only — our data doesn't include how often a route actually runs, so frequency is never factored in.
Both scores depend on how much of the surrounding area has been synced from OpenStreetMap and TransLink's GTFS feed. A lower score can mean fewer amenities nearby, or simply that this area hasn't been fully synced yet — not a confident measurement of the location itself.
Nearby Schools
| School | Type | Distance |
|---|---|---|
| Pauline Haarer Elementary | Elementary | 872 m |
| Bayview Elementary | Elementary | 907 m |
| Georgia Avenue Elementary | Elementary | 1.2 km |
| Fairview Elementary | Elementary | 1.4 km |
| Secondaire de Nanaimo | Secondary | 1.6 km |
| Nanaimo District Secondary | Secondary | 1.6 km |
| John Barsby Secondary | Secondary | 1.7 km |
| Learning Alternatives | Secondary | 1.7 km |
Schools shown by distance from this property. This does not indicate school catchment or enrollment eligibility — contact the school district to confirm catchment boundaries.
Nearby Transit
No TransLink stops within an ~10-minute walk.
Nearby Places
Restaurants (5+)
- Indian Grill's175 m
- Flavours of India · 486 Franklyn Street309 m
- Diamond Indian Cuisene · 489 Wallace Street375 m
- Le Brunch Café · 366 Selby Street376 m
- Nanda Chicken384 m
Cafes (5+)
- The Vault Cafe · 499 Wallace Street366 m
- White Rabbit Coffee Co · 321 Selby Street390 m
- Real Food Café · 321 Wesley Street465 m
- Gabriel's Gourmet Cafe · 39 Commercial Street493 m
- Serious Coffee · 60 Commercial Street498 m
Grocery (5+)
- Superette136 m
- ManLee Oriental · 385 Terminal Avenue456 m
- The Green Store: Discount Organic · 256 Wallace Street593 m
- Thrifty Foods · 650 Terminal Avenue655 m
- Truong Thanh Specialty Asian Grocery799 m
Parks (5+)
- Nob Hill Park · 400 Milford Crescent208 m
- Pioneer Square Park413 m
- Pawson Gyro Park · 410 Machleary Street431 m
- Italian Square Park502 m
- Rosamond Park · 1 Rosamond Street553 m
Shopping (2)
- London Drugs · 650 Terminal Avenue605 m
- Port Place Shopping Centre · 650 Terminal Avenue633 m
Gyms (4)
- Iyengar Yoga Nanaimo · 335 Wesley Street436 m
- Dolly's Gym · 111 Nicol Street437 m
- Kind Society Yoga728 m
- Force Boxing & Fitness · 165 Fraser Street756 m
Pharmacies (1)
- Central Drugs242 m
Banks & ATMs (5+)
- Superette Foods - Bitcoin Well ATM · 687 Albert Street137 m
- TD498 m
- Scotiabank · 65 Commercial Street506 m
- Scotiabank · 65 Commercial Street514 m
- Coastal Community Credit Union · 59 Wharf Street589 m
Nearby places data: © OpenStreetMap contributors.
School district: Nanaimo-Ladysmith (SD68)
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Mortgage & Ownership Cost Calculator
Minimum required: 20.0% ($498,000) — 5% under $500K, 10% up to $1.5M, 20% at/above $1.5M.
Financial Ledger
Rates based on Bank of Canada benchmark data.
Financial Summary
Cash Needed at Closing
Minimum down payment: 5% on the first $500,000, 10% on the portion up to $1.5M, 20% at/above $1.5M. Stress test: OSFI's minimum qualifying rate, the greater of contract rate + 2% or 5.25% — this is what lenders require you to qualify at, not what you'll actually pay. Closing costs are a typical-range estimate, not a quote — actual legal fees vary. Verify all figures with a mortgage broker and lawyer before relying on them.