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 June 3, 2025 at 10:40 PM (UTC)
Area Statistics
Listings on market:
49
Avg list price:
$898,000
Min list price:
$499,000
Max list price:
$6,596,000
Avg days on market:
40
Min days on market:
1
Max days on market:
267
Avg price per sq.ft.:
$741.03
These statistics are generated based on the current listing's property type
and located in
Government Road. Average values are
derived using median calculations.