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335 Third St
Nanaimo, BC V9R 1W5
Land For Sale
·
1.24 AC
EXECUTIVE SUMMARY
A rare chance to secure 1.2 acres of prime development land in Nanaimo, one of BC’s fastest-growing cities! Located at 335 Third Street, this site offers immense potential for multi-family residential development.
Property Highlights:
• Conceptual Plans Submitted: Proposed rezoning application illustrates a 56-unit development across two buildings (4 to 6 Storeys) with underbuilding parking.
• Strong Market Demand: Nanaimo’s population exceeds 100,000, yet new housing supply has lagged behind. The Interim Housing Needs Report (2024) projects a need for 2,810 units over the next 5 years and 9,469 units over the next 20 years. This development is perfectly positioned to help meet that demand.
• Strategic Location: Close to Vancouver Island University, downtown Nanaimo, and major amenities, ensuring strong tenant and buyer interest.
• Growth & Investment Potential: The city is expanding rapidly, with increasing infrastructure investments and economic growth.
This is a turnkey development opportunity for investors, builders, and developers looking to capitalize on Nanaimo’s urgent need for housing.
PROPERTY FACTS
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | Redevelopment Project | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 1.24 AC |
| Property Type | Land | ||
| Zoning | R1 - Single Dwelling Residential | ||
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 1.24 AC |
| Zoning | R1 - Single Dwelling Residential |
1 LOT AVAILABLE
Lot
| Price | $1,443,834 USD | Lot Size | 1.24 AC |
| Price Per AC | $1,164,381.96 USD |
| Price | $1,443,834 USD |
| Price Per AC | $1,164,381.96 USD |
| Lot Size | 1.24 AC |
For Sale | Prime Development Opportunity in Nanaimo – 1.24 Acres on 335 Third Street
DESCRIPTION
The subject property is located within the Harewood neighbourhood, east of Downtown, along the Third Street corridor. The southern portion of the lot slopes up from north to south approximately 6m towards the intersection of Wharton Street and Georgia Avenue. The site currently contains a single-family dwelling and accessory buildings while established single residential dwellings, multi-family dwellings, places of worship, and City parkland characterize the surrounding area.The Cat Stream and a wetland are located east of the proposed development, within City parkland, which require a 15.0m leave strip that extends into the northeast corner of the property. The property is centrally located within walking distance to Downtown, Third Street Park, and Vancouver Island University, as well as other schools and recreational facilities and outdoor amenities. The area is well-serviced by various transit routes and Third Street is expected to undergo utility and complete street upgrades in 2025.
