Excellent development opportunity located in North Nanaimo on Vancouver Island in British Columbia. This offering is for 3.68 acres of fairly level land located in the Pleasant Valley area off of Metral Drive that just underwent a significant upgrade to accommodate the various developments and increased population within the area. The property is improved with 2 homes. The primary residence was built in 1990, is in great shape and offers 2,425 sq ft of living space with a total of 3 bedrooms, 3 bathrooms, den and hobby room. The second home is the original home that offers 1,934 sq ft with 1 bedroom plus 2 dens and 1 bathroom. The property is currently zoned. Residential 1 however is within a commercial and residential neighborhood that is transitioning to a mix of low to high density multi-family developments. Under the City of Nanaimo Official Community Plan (OCP) the property is designated “Corridor” which is designated to support higher density land uses including medium to high density residential as well as mixed commercial use. The property is well suited for rezoning to R6 (Low Density Residential) and R8 (Medium Density Residential) or a combination of both. The size of the property would support a multiple family rezoning to a density range of 74-223 units depending on the design. These types of properties are very rare in the central mid Island area and this particular property provides an income stream while under the design stage while determining the highest and best use for the strategically located property. Nanaimo is a rapidly growing community with a strong demand for housing whether it be purpose built rental units, condos, or townhomes. This is a great holding property! Please email or call for further details. All measurements are approximate and data should be verified if important.