1+ ACRE MULTI-FAMILY DEVELOPMENT OPPORTUNITY

2100 CREEK STREET | NELSON BC

839,000

For Sale

839,000

For Sale

The Opportunity

RLK Commercial is pleased to offer for sale a 100% freehold interest in 2100 Creek Street (the “Property”), representing a rare opportunity to acquire a +1.0- acre multi-family development site with zoning approved for up to 12 units in Nelson, BC – one of the BC Interior’s most coveted residential and tourism markets. Located in Nelson’s “Uphill” neighbourhood, the area represents one of the most desirable residential submarkets in Nelson, highlighted by a north-facing slope that offers area residents some of the most beautiful mountain and lake views available. Uphill residents further benefit from immediate proximity to numerous schools, parks and recreation spaces, forest walking trails, regional highway access, Kootenay Lake Hospital, and Nelson’s bustling downtown core.

While it is the Seller’s preference for a 100% interest sale, flexible Seller financing options or partnerships may be considered.


Property Details

MUNICIPAL ADDRESS 2100 Creek Street, Nelson BC
SITE AREA 1.106 Acres
ZONING R2
DENSITY POTENTIAL 12 Units
PRICE $839,000

 

KEY INVESTMENT HIGHLIGHTS

  • 1.016 acres of coveted development land in Nelson, BC
  • Zoning approved for up to 12 units
  • Rezoning potential for additional density
  • Nestled into the adjacent forest with natural views and privacy
  • Access to City services onsite or at the Property line
  • Site grading complete with access road and turnaround loop
  • Concept drawings completed for 2 fourplexes and 2 duplexes
  • Located in Nelson’s coveted Uphill neighbourhood
  • Strong residential condo and rental market fundamentals

DEVELOPMENT OVERVIEW

2100 Creek Street has undergone several years of planning and preliminary pre-development works in anticipation of a multi-family, medium density project. Completed works include rezoning, site servicing analysis, site grading/access and preliminary layout of building envelopes and project scale analysis. The Property was rezoned in 2013 and a restrictive covenant (RC) was applied to the property limiting total development to 12 residential units due to site constraints and surrounding low-density residential development. The general requirements of the R2 zoning indicates that without the restrictive covenant the development lot would permit up to 24 units (60 units per hectare), however, the removal of the RC would be contingent on an application to the City. Since the rezone, and particularly under the current City Council, the City has supported and promoted increased density throughout Nelson including within historically low-density residential areas. Furthermore, the City has relaxed parking requirements on a number of projects in support of the densification strategy. Site services including water, sewer, storm, and power are either within the development parcel or at the lot line. Costing estimates, a geotechnical study and preliminary architectural designs for the two fourplexes are all available upon request.

 

Max Residential Units 12
Front Setback 4.5 m
Side Setback 3.0 m
Rear Setback 4.5 m
Coverage 45%
Max. Height 12 m

Location Overview

Consistently rated one of BC’s most stunning mountain communities. Well known as a unique mix of big-city amenities with authentic small town charm, Nelson features a long list of restaurants, boutique stores, craft breweries, rustic cafes and high quality hotels, all nestled within a bustling downtown core. A long list of leisure and recreational activities including several golf courses, ski resorts and lakefront destinations further make Nelson an exceptional place for both lifestyle and business.

MARKET OVERVIEW

Exceptional residential condo, long-term rental and short-term rental fundamentals.

With a population of only +11,000, Nelson stands out as one of the most active condo/apartment development markets per capita of any regional tourism market, driven by its status as one of the most livable mountain town communities, and also one of the most popular tourist destinations, drawing hundreds of thousands of tourists to the Kootenays each year. Premium 1BR short-term rentals located downtown or on waterfront are achieving +$400 per night, and recent 1BR condo sales for units with parking and premium views are demanding +$600,000 to +$700,000. Meanwhile, residential rental vacancy rates are <1%, driving annual market rent growth to +6% annually.

Featuring forest views, a privately located setting, outdoor balcony potential, and on-site parking, 2100 Creek Street is ideally positioned to appeal to the current residential market’s key demand drivers, offering an exciting opportunity to create unique mountain-style condo or rental units that are highly coveted in Nelson’s exceptional residential market.

  • +$700,000 1BR Condo Pricing
  • +$2,000/mo Premium 1BR Rentals
  • +$400/night Premium STR Pricing

 

 


Property Details

Property Type:

BARE LAND

Address:

2100 CREEK STREET | NELSON BC

Land Area:

1.016 ACRES

Zoning:

R2

BROCHURE

Download File

Presented By

Tristan Chart, CFA

250.777.7493

Email Tristan Chart, CFA

tristan@tristanchartcommercial.com


Request More Info



Property Details

MUNICIPAL ADDRESS 2100 Creek Street, Nelson BC
SITE AREA 1.106 Acres
ZONING R2
DENSITY POTENTIAL 12 Units
PRICE $839,000

 

KEY INVESTMENT HIGHLIGHTS

  • 1.016 acres of coveted development land in Nelson, BC
  • Zoning approved for up to 12 units
  • Rezoning potential for additional density
  • Nestled into the adjacent forest with natural views and privacy
  • Access to City services onsite or at the Property line
  • Site grading complete with access road and turnaround loop
  • Concept drawings completed for 2 fourplexes and 2 duplexes
  • Located in Nelson’s coveted Uphill neighbourhood
  • Strong residential condo and rental market fundamentals

DEVELOPMENT OVERVIEW

2100 Creek Street has undergone several years of planning and preliminary pre-development works in anticipation of a multi-family, medium density project. Completed works include rezoning, site servicing analysis, site grading/access and preliminary layout of building envelopes and project scale analysis. The Property was rezoned in 2013 and a restrictive covenant (RC) was applied to the property limiting total development to 12 residential units due to site constraints and surrounding low-density residential development. The general requirements of the R2 zoning indicates that without the restrictive covenant the development lot would permit up to 24 units (60 units per hectare), however, the removal of the RC would be contingent on an application to the City. Since the rezone, and particularly under the current City Council, the City has supported and promoted increased density throughout Nelson including within historically low-density residential areas. Furthermore, the City has relaxed parking requirements on a number of projects in support of the densification strategy. Site services including water, sewer, storm, and power are either within the development parcel or at the lot line. Costing estimates, a geotechnical study and preliminary architectural designs for the two fourplexes are all available upon request.

 

Max Residential Units 12
Front Setback 4.5 m
Side Setback 3.0 m
Rear Setback 4.5 m
Coverage 45%
Max. Height 12 m

Location Overview

Consistently rated one of BC’s most stunning mountain communities. Well known as a unique mix of big-city amenities with authentic small town charm, Nelson features a long list of restaurants, boutique stores, craft breweries, rustic cafes and high quality hotels, all nestled within a bustling downtown core. A long list of leisure and recreational activities including several golf courses, ski resorts and lakefront destinations further make Nelson an exceptional place for both lifestyle and business.

MARKET OVERVIEW

Exceptional residential condo, long-term rental and short-term rental fundamentals.

With a population of only +11,000, Nelson stands out as one of the most active condo/apartment development markets per capita of any regional tourism market, driven by its status as one of the most livable mountain town communities, and also one of the most popular tourist destinations, drawing hundreds of thousands of tourists to the Kootenays each year. Premium 1BR short-term rentals located downtown or on waterfront are achieving +$400 per night, and recent 1BR condo sales for units with parking and premium views are demanding +$600,000 to +$700,000. Meanwhile, residential rental vacancy rates are <1%, driving annual market rent growth to +6% annually.

Featuring forest views, a privately located setting, outdoor balcony potential, and on-site parking, 2100 Creek Street is ideally positioned to appeal to the current residential market’s key demand drivers, offering an exciting opportunity to create unique mountain-style condo or rental units that are highly coveted in Nelson’s exceptional residential market.

  • +$700,000 1BR Condo Pricing
  • +$2,000/mo Premium 1BR Rentals
  • +$400/night Premium STR Pricing