Investment Overview

Marcus & Millichap is pleased to announce for sale 427, 449 & 455 Nicol Street, Nanaimo, B.C. (the “Subject Site”). The Subject Site presents a compelling opportunity for an investor or developer to acquire a DP ready development site in one of Nanaimo’s most dynamic and revitalizing neighbourhoods. Strategically located just south of Downtown Nanaimo, the site spans three contiguous parcels with over 160 feet of frontage along Nicol Street (Highway 1), offering excellent visibility and convenient access to the city core, Vancouver Island University, ferry terminals, and major transportation routes. The immediate area is well-served by public transit, is highly walkable, and is surrounded by parks, schools, and essential amenities including Port Place Mall and the Harbourfront Walkway. The Subject Site is ready for DP submission for a 4-storey, 35-unit purpose-built rental apartment building designed by Stantec Architecture. The unit mix includes a variety of studio, one-, and two-bedroom units, catering to a wide range of renters. The project features underground parking, EV-ready stalls, outdoor amenity areas, and has been granted parking variances to increase efficiency. Located in Nanaimo’s historic South End - a neighbourhood undergoing significant transformation - the Property benefits from proximity to major civic and infrastructure investments, including the future redevelopment of the Port Drive lands and the planned South Nanaimo Community Centre. With its COR3 zoning and nearing development approvals, this offering provides a shovel-ready opportunity in a high-demand rental market with strong fundamentals and sustained population growth.