A two-storey mixed-use building at 5461 12th Avenue in the heart of Tsawwassen’s commercial district has sold for $3,000,000. The sale completed on July 21, 2026, after roughly four months on the market. It was originally offered at $3,100,000, so the final price landed at about 97% of the asking price.
The building was constructed in 1992 and combines two ground-floor professional office units with residential suites on the second floor. It sits on a corner lot of roughly 8,494 SF with frontage on both 12th Avenue and 55th Street, and has 10 surface parking stalls.
Sale details
- Sale price: $3,000,000
- Cap rate: 4.5%
- Building size: 7,346 SF
- Lot size: 8,494 SF
A rare mix of income and optionality
At a 4.5% cap rate, the property offers a purchaser meaningful holding income, which is not always the case for sites with redevelopment upside. The building was marketed with a mix of tenants, and a large second-floor owner’s unit of approximately 2,651 SF that could be occupied by an owner-user or leased to generate additional income.
The land is the other half of the story. The site is designated Neighbourhood Centres & Corridors, the same higher-density designation that applies to neighbouring undeveloped properties to the west and north. That gives a buyer the option of holding the existing income for the medium term and positioning for a future redevelopment as Tsawwassen’s town centre evolves. The site is fully serviced and within an easy walk of grocery, banking and restaurant amenities.
What it tells us about the Delta market
Small, multi-tenant commercial and mixed-use buildings in Tsawwassen trade infrequently, and buyers are typically local investors and owner-users looking for stable income with a long-term land play. A sale at a 4.5% cap rate, with a modest discount to the asking price after a four-month marketing period, is a useful data point for owners of similar buildings in the South Delta commercial core.
If you own a commercial or mixed-use property in Delta, Tsawwassen or elsewhere in the South Fraser, I’d be happy to provide an opinion of current market value.
Own an apartment building in Metro Vancouver? I can provide a confidential opinion of current market value. — David Taylor, Colliers · 604-761-7044
David Taylor, Colliers — Active Listings & Recent Sales
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