Development Land for Sale – Prime COR1 Zoned Property on Metral Drive, Nanaimo
This rare development opportunity in North Nanaimo offers a level, fully serviced lot with COR1 zoning, allowing for multifamily residential, professional office, and limited commercial uses. With generous frontage on Metral Drive and easy road access, the property is well-suited for low- to mid-rise development (3–6 storeys) and surface parking—no underground structure required.
Strategically located near major retail amenities such as Nanaimo North Town Centre and Superstore, the site benefits from strong transit connections and is part of a growing corridor identified for infill and higher-density housing by the Official Community Plan (OCP).
Nanaimo continues to experience strong demand for multifamily housing, driven by population growth and affordability factors compared to larger cities. The City and Province have introduced incentives for “missing middle” housing, making this an ideal time to invest in a high-potential property.
With an estimated buildout of 12–14 units, this is a compelling real estate investment opportunity for developers seeking a well-located, versatile site in one of Vancouver Island’s most desirable markets.
Contact Hacey Jeong from Team Invest West 250-739-5678 today for a full info package or to arrange a site tour. www.TeamInvestWest.com
Address
5280 Metral Dr
List Price
$659,000
Property Type
Residential
Type of Dwelling
Single Family Residence
Area
Nanaimo
Sub-Area
Na Pleasant Valley
Bedrooms
2
Bathrooms
2
Floor Area
1,460 Sq. Ft.
Lot Size
10400 Ac.
Lot Size (Acres)
0.24 Ac.
Year Built
1968
MLS® Number
997107
Listing Brokerage
RE/MAX of Nanaimo
Basement Area
Full, Walk-Out Access
Postal Code
V9T 2K8
Tax Amount
$4,025.00
Tax Year
2024
Features
Aluminum Frames, F/S/W/D, Forced Air, Mixed, Oil
Amenities
Central Location, Curb & Gutter, Easy Access, Family-Oriented Neighbourhood, Fenced, Fencing: Partial, Level, Rectangular Lot, Serviced, Shopping Nearby, Sidewalk, Southern Exposure
