942 Preston Way offers a rare opportunity to acquire a professionally managed 10-unit multi-family property with strong holding income and significant redevelopment potential. The building is fully tenanted with long-term residents, providing consistent cash flow while future plans are advanced.
Recent improvements include the renovation of two 2-bedroom units, supporting stable operations and enhancing overall property condition. Current zoning (RM3) permits development of a residential apartment building of up to six storeys, offering an immediate pathway for medium-density construction.
Developers will also appreciate the potential for rezoning to CC1, which would allow for higher density and expanded mixed-use possibilities. With its steady income stream, proven management, and strong land-use flexibility, 942 Preston Way is a prime opportunity for a developer seeking a centrally located, growth-oriented project site.
Address
942 Preston Way
List Price
$2,975,000
Property Type
Residential
Type of Dwelling
Land
Transaction Type
Sale
Area
Langford
Sub-Area
La Jacklin
Lot Size
21344.4 Sq. Ft.
Lot Size (Acres)
0.49 Ac.
Year Built
1927
MLS® Number
1020443
Listing Brokerage
Pemberton Holmes - Westshore
| Pemberton Holmes - Sooke
| Pemberton Holmes Ltd.
Postal Code
V9B 3B9
Tax Amount
$13,663.67
Tax Year
2025