About This Property
Attention builders and developers - this is the type of site that rarely comes available in North Nanaimo. Set on nearly 1 acre, this rectangular, gently sloping parcel offers ideal topography and southern exposure - key fundamentals for efficient site planning, natural light optimization, and strong end-product appeal. Located within an established neighbourhood and serviced by municipal water, the property is well-positioned for near-term development. Zoned R5, and supported by the City of Nanaimo Official Community Plan, the site presents a compelling opportunity for multi-unit residential development, with building strata or clustered housing configurations representing the highest and best use (buyer to verify). The lot configuration lends itself well to multiple dwellings with potential for walk-out basements and secondary suites, maximizing both density and resale value. The property currently includes two existing dwellings - each serviced and functional - but they are best viewed as interim holding income or site coverage during the planning phase rather than long-term assets. Main residence: 1,311 sq ft, 3 bed, 2 bath (de-registered manufactured home) Secondary accommodation: 626 sq ft, 1 bed, 1 bath suite with full kitchen Separate hydro meters, shared water, serviced septic system (recently maintained) Additional garage and storage below secondary unit From a development standpoint, this is a clean, usable parcel with minimal site constraints and strong alignment with current planning policy - an increasingly rare combination in this submarket. Whether you're assembling your next small-scale project or securing a premium site in a high-demand neighbourhood, this property offers clarity, flexibility, and upside. Opportunities like this in North Nanaimo are limited - reach out for further due diligence materials or to discuss development potential in detail. (id:64973)
The $464 per square foot asking price for this Nanaimo property is in line with recent market trends, making it a competitive offering. Given the large lot size, flexible R5 zoning, and potential for redevelopment, this property is well-suited for builders and developers seeking an opportunity to maximize the site's value in a desirable North Nanaimo location.
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