614 Lambert Ave, Nanaimo BC

1.67 acres of prime development property with $1,500 a month in rental income just blocks away from the Vancouver Island University. The sellers have already laid the ground work for a 9 lot subdivision plus a bonus 10th lot which already has a 1575 square foot 4 bedroom house on it which is currently rented month to month. There is not currently a PLA in place, but the property has been professionally surveyed and three successful preliminary meetings with the City of Nanaimo suggest this is a fantastic opportunity. Although the City staff were very receptive to the plans as they currently are, they also mentioned that other development configurations such as multi-family or a student housing complex are other options they would be open to as well. All measurements are approximate and should be verified if important.