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$1,750,000 · 350 & 360 Vancouver Ave
- Square Footage4000
- MLS Number865616
Rare development opportunity on one of Nanaimo's most desirable heritage streets; Vancouver Avenue. Two adjacent lots totalling 0.4 acres with a Floor Area Ratio of 1.25. The R8 zoning allows for medium density development up to 4 stories. Ocean views overlooking Newcastle & Protection Island would be seen from upper floors. Recent neighbouring developments show a trend towards increased densification. In addition, there are 4 rented cash flow houses that would make for a great holding property, earning around 3.7% cap rate. Walking distance to Nanaimo Yacht Club,Townsite Marina, Nanaimo's breathtaking seawall, & an easy stroll to downtown's dining, shopping & Port Theatre. Easy access to BC Ferries, Helijet and seaplanes (direct to Vancouver in 15 min!) makes this location very desirable. This area has been booming & there is still a chance for you to own or build on this iconic street. Msmts are approx to be confirmed. Property Development Feasibility studies available upon request.
