Retail, SOLD

East Vancouver BMO Bank Branch Sells for $3.86 Million at a 3.5% Cap Rate

Sale Price: $3,860,000
Cap Rate: 3.5%
Price per Square Foot: $874/SF
Building Size: 4,414 SF
Lot Size: 8,276 SF

A single-tenant net-lease property in East Vancouver has traded hands, with the BMO branch at 3290 Grandview Highway selling for $3,860,000.

The freestanding, 4,414 SF building sits on an 8,276 SF corner lot at the signalized intersection of Grandview Highway. BMO occupies the building under a triple-net lease running to January 31, 2030, with three five-year renewal options, generating in-place net operating income of roughly $135,100.

The vendor, 3290 Grandview Holdings Ltd., had purchased the property in August 2017 for $2,600,000 ($589/SF) — meaning per-square-foot value has climbed roughly 48% over the nine-year hold. Marcus & Millichap’s Joe Genest, Curtis Leonhardt, and Jon Buckley represented the transaction.

Beyond the passive institutional-covenant income stream, the site carries longer-term upside: it falls within the Rupert and Renfrew Station Area Plan, which permits privately-initiated rezoning for mixed-use redevelopment up to 45 storeys, subject to lot assembly with adjacent parcels given the property’s 8,996 SF (per marketing materials) to 8,276 SF (per registered title) lot size. The plan anticipates roughly 10,100 new homes and 8,000 jobs in the surrounding area over the next 25 years.