Description
This prime 18,091 sqft development lot in Burnaby’s Government Road neighborhood offers exceptional potential for multi-family or subdivision projects, currently zoned R1 with a 3.0 FAR density (54,273 sqft buildable). The property, assessed at $2,557,000 ($2,292,000 land, $265,000 improvements), is priced below future value, with a minimum land valuation of $8.1M+ (18,091 sqft x 3.0 FAR x $150/sqft). Options include an 8-storey apartment development, subdivision into 8 luxury homes (est. $1.8M–$2.2M+ each), or 4 smaller homes, with rental income of $6,500/month. Nearby schools include Seaforth Elementary and Burnaby Mountain Secondary, and the area scores 82/100 for transit. Includes survey plans—ideal for developers or investors awaiting rezoning. Priced at $2,999,999.Act now !
Listing Provided By
RE/MAX City Realty
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