Investment property of .82 Acres with 9 rentable single tenant units with a high yield income asset (7-10% Cap Rate. This 3 title parcel which can not be subdivided is only 5 minutes to downtown Parksville and is in great condition. The Current Owners have expended time and energy over 14 years into maintaining and repairing as required and have skillfully built a cohesive group of excellent, mostly contented, tenants with an almost guaranteed income for the owner of $75,000 net of expenses per year.
The homes consist of a Fourplex, a Duplex with Storage Room, a Double Wide Mobile home, a Single wide mobile home and a Cabin. There is also a communal Laundry Building.
There is enough water to cover all of the Homes and buildings and also service 3 Allsbrook properties with legal parameters established and documented by Heath Law.
There are 3 Septic Fields and 3 separate tanks.
The area is well treed providing green aspects, shade and privacy. Tenants have established gathering, relaxing and cook-out spaces as well as play space.
The zoning is R3 Village Residential 3. The current use is and has always been Legal Non Conforming. It could not be rebuilt to 9 units in the event of a fire but this zoning does allow for "Care Services for 10 persons" as well as "Accessory Buildings and Structures".
The logistics of showing individual or all units will require time and negotiation. Please feel free to phone your favourite residential or Commercial Realtor to arrange. with the Listing Agent.
Address
992 Allenby Rd
List Price
$1,350,000
Property Type
Residential
Type of Dwelling
Other
Transaction Type
Sale
Area
Parksville/Qualicum
Sub-Area
PQ Errington/Coombs/Hilliers
Lot Size
36154.8 Sq. Ft.
Lot Size (Acres)
0.83 Ac.
MLS® Number
1028092
Listing Brokerage
RE/MAX First Realty (PK)
Basement Area
Other
Postal Code
V9P 2A9
Tax Amount
$5,940.47
Tax Year
2025
Features
Electric