Etymology
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nearby (adv.)

also near-by, "close at hand, not far off," late 14c., from near (adv.) + by (adv.). As a preposition from mid-15c.; as an adjective by 1858. Middle English also had ner-honde "near-hand; near in space or time" (c. 1300).

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Definitions of nearby
1
nearby (adv.)
not far away in relative terms;
she works nearby
the planets orbiting nearby are Venus and Mars
2
nearby (adj.)
close at hand;
the nearby towns
concentrated his study on the nearby planet Venus
From wordnet.princeton.edu