A corner mixed-use building in East Vancouver’s Cedar Cottage neighbourhood has sold for $3,700,000. 3589–3599 Commercial Street is located at the corner of Commercial Street and East 20th Avenue.
Sale Details
- Sale price: $3,700,000
- Price per SF: $617
- Cap rate: approx. 5.3% (based on marketing NOI of $195,000)
- Building size: 6,000 SF
- Lot size: 4,182 SF
About the Property
The two-storey building has four ground-floor commercial units and four residential units above: three two-bedroom suites and one one-bedroom plus den. Lennard Commercial Realty marketed it as fully leased, with two commercial tenants each occupying two units and four residential tenants. The building was renovated in 2012. Residential tenants pay their own heat and hot water, and each suite has in-suite laundry. The corner lot carries a heritage-style look, and it sits within walking distance of Trout Lake Community Centre and John Hendry Park.
Pricing in Context
Lennard listed the property at $3,890,000, which was a 5.01% cap rate on the marketing NOI. The final price came in about 4.9% below the list price. The sale price was also slightly above the 2026 assessed value of $3,660,000. Allon Shapiro and Ari Gelmon of Lennard Commercial Realty represented the vendor.
What It Means for the Market
Small, fully leased mixed-use buildings on Commercial Street are a tightly held product type, and this sale gives a fresh data point for East Vancouver street-front investments. A sub-$4 million price, a cap rate above 5% and a walkable, community-oriented location drew buyer interest in a market where yields on Vancouver retail have been compressed.
Looking at selling a mixed-use or retail property in East Vancouver? Contact David Taylor at Colliers for 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
View all →
