I actually make it just over 29 UK gallons/35 US gallons (rounding the 16" down by just an inch to 1.25ft and thereby giving 3ft x 1.25ft x 1.25ft, which = 4.69 cubic feet).That is actually 35 Imperial gallons (42 US gallons). Not a nano tank IMO and is on the smaller reef tank size rather than a large nano.
Good size tank however and will be a great size for a reef setup