About 499 Wallace St
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.
Features of 499 Wallace St
| MLS® # | 1042861 |
|---|---|
| Price | $1,250,000 |
| Square Footage | 4,608 |
| Acres | 0.06 |
| Year Built | 1912 |
| Type | Commercial Sale |
| Sub-Type | Mixed Use |
| Status | Active |
Community Information
| Address | 499 Wallace St |
|---|---|
| Area | Na Old City |
| City | Nanaimo |
| County | Nanaimo, City of |
| Province | BC |
| Postal Code | V9R 5B7 |
Amenities
| Utilities | Natural Gas To Lot |
|---|---|
| View | City, Ocean |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Heat Pump, Natural Gas |
|---|---|
| Cooling | HVAC |
| Fireplace | No |
| # of Stories | 2 |
Exterior
| Exterior Features | Display Window |
|---|---|
| Construction | Brick, Stucco |
| Foundation | Poured Concrete |
Additional Information
| Date Listed | July 14th, 2026 |
|---|---|
| Days on Market | 60 |
| Zoning | dt-7 |
Listing Details
| Office | Sutton Group-West Coast Realty (Nan) |
|---|