$1,250,000
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499 Wallace St, Nanaimo, BC V9R5B7

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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 Caf/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 caf 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, two bathrooms, a kitchen/staff area, large windows and skylights. Located on a highly visible corner near City Hall, the Vancouver Island Conference Centre, seaplane terminal and HeliJet, this well-maintained heritage landmark offers an attractive combination of stable income, strong location and long-term investment potential. HERITAGE VALUE Built in 1912, the Merchant's Bank is Nanaimo's sole example of the eclectic, elegant Free Renaissance style, inspired by Italian churches and palaces, and popular in North America from the late 19th to early 20th centuries. The exterior was faced with a combination of a banded brick base and quoining that framed the edges and structural openings. A later coat of stucco obscured these features but some of the facade details, incld the prominent cornices typical of this style, are still discernible. The elaborately detailed, round-arched windows, featuring radiating mullions & brick keystones, angled corner entry and ornate cast plaster ceiling are also substantially intact. The Merchant's Bank is significant for its association with Francis Mawson Rattenbury, British Columbia's premier architect of the late 19th & early 20th centuries. The building's prominent corner location and exceptional windows make it a highly visible landmark. (id:58753)

Listing By: Michael Guan - Sutton Group-West Coast Realty (Nan) cncrea2 Realty.com
  • MLS® 1042861
  • Date Listed07/14/2026
  • Days on Realty 2 Days
  • Bedrooms -
  • Bathrooms
  • Lot Size 2,443 sq. ft
  • Year Built 1912

Interior Features

  • Cooling Fully air conditioned
  • Heating Heat Pump, Natural gas

Exterior / Lot Features

  • Roof -
  • Lot Size Acres -
  • Lot Size SQFT 2,443.00
  • Lot Features Central location, Curb & gutter, Corner Site, Other

Sales & Tax History

Source: Public Records

Local Neighborhood Highlights for V9R5B7

Discover key demographics, population statistics, and environmental insights for the Nanaimo, BC area.

Walkability in BC / V9R5B7

Source: Walk Score

86/100

Very Walkable

Walk Score ®

57/100

Good Transit

Transit Score ®

53/100

Bikable

Bike Score ®

Overview

Most errands can be accomplished on foot. Many nearby public transportation options. Some bike infrastructure.

Transit Summary

26 nearby routes: 25 bus, 0 rail, 1 other

Walkability averages in the surrounding area

The average walkability score in the surrounding area is Walk Score: 35/100, Transit Score: 35/100, Bike Score: 37/100.

Points of Interest near 499 Wallace St, Nanaimo, BC V9R5B7

Frequently Asked Questions for 499 Wallace St

Source: Realty.com

499 Wallace St, Nanaimo, BC V9R5B7 in Nanaimo, BC V9R5B7 is a mixed use listed at $1,250,000. Highlights include built in 1912. Realty.ca has 43 photos, sales history, school insights, and mortgage tools for this listing.

Realty.com has 43 photos of 499 Wallace St.

Our records indicate that 499 Wallace St was built in 1912.

The full address for this home is 499 Wallace St, Nanaimo, BC V9R5B7.

499 Wallace St has been listed on Realty.com since Tue July 14, 2026

Most errands can be accomplished on foot. Many nearby public transportation options. Some bike infrastructure.

The average walkability score in the surrounding area is Walk Score: 35/100, Transit Score: 35/100, Bike Score: 37/100.

Listing provided courtesy of: Sutton Group-West Coast Realty (Nan)
Listing agent: Michael Guan

This content last refreshed on 2026-07-16 00:37:10. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.