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 !
Data was last updated July 12, 2025 at 07:40 PM (UTC)
Area Statistics
Listings on market:
58
Avg list price:
$1,648,400
Min list price:
$429,900
Max list price:
$6,596,000
Avg days on market:
43
Min days on market:
3
Max days on market:
228
Avg price per sq.ft.:
$710.93
These statistics are generated based on the current listing's property type
and located in
Government Road. Average values are
derived using median calculations. This data is not produced by the MLS® system.