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.

A mixed-use income property at 3606 Nanaimo Street in Vancouver’s Renfrew Heights neighbourhood has sold for $2,850,000, or $664 per square foot.

The property is a 1930-built building on a 68.6-foot by 122-foot corner lot zoned C-1 (Commercial). At the time of marketing, the main floor was operated as a daycare, with multi-room rentals on the upper level and a separately leased triple garage with lane access. The lot is designated Mixed-Use Low-Rise under the Official Community Plan, and the listing positioned the site as a holding property with redevelopment potential for higher-density rental or strata.

The property was first listed in August 2025 at $3,900,000. It sold eight months later at $2,850,000, roughly 27% below the original asking price. That pricing reset is consistent with what we’re seeing for older, smaller multi-tenant properties in East Vancouver, where buyers are underwriting current income conservatively and paying for redevelopment upside only where the numbers support it. For context, the August 2025 sale at Main Street and East 28th Avenue traded at $810 per square foot, while 3606 Nanaimo came in at $664 per square foot.

Sale details

• Sale price: $2,850,000
• Price per SF: $664
• Building size: 4,290 SF
• Lot size: 8,364 SF

A single-tenant retail building at 2171 West 41st Avenue in Vancouver’s Kerrisdale neighbourhood has sold for $4,300,000, or $1,624 per SF. Based on the net operating income shown in the marketing materials, the price works out to a cap rate of about 3.8%. TRG Commercial marketed the property, which was originally offered at $5,280,000. The sale price is roughly 19% below the original asking price.

The building is a one-storey concrete structure built in 2003, with 2,647 SF of rentable area on a 2,788 SF lot. It has a custom poured-concrete storefront on West 41st Avenue, rear loading, and two surface parking stalls. The property is zoned C-2A and sits on what the marketing materials called Kerrisdale’s best block.

It is fully leased to LensCrafters, which operates more than 70 stores across Canada. The lease runs to October 31, 2028, with basic rent stepping from $62 per SF to $64 per SF in November 2027. Marketing-stage NOI was $164,114 from November 2025, with the tenant also paying a 5% management fee.

Kerrisdale’s West 41st Avenue is one of Vancouver’s tightest retail corridors, and well-located streetfront buildings rarely trade. The price per SF is in line with other recent Kerrisdale sales. 2134 West 41st Avenue sold in August 2026 at $1,703 per SF. The buyer here accepted a low going-in yield on a short remaining lease term, which suggests they are underwriting the long-term value of the location.

Pricing details

• Sale price: $4,300,000
• Price per SF: $1,624
• Cap rate: 3.8%
• Building size: 2,647 SF
• Lot size: 2,788 SF

A streetfront retail building at 1816–1818 Commercial Drive in Vancouver’s Grandview-Woodland neighbourhood has sold for $3,328,000, or $1,193 per SF. CBRE’s Casey Pollard listed and sold the property.

The building was built in 1922 and has 2,790 SF of multi-tenant space. It sits on a 3,485 SF lot with 33 feet of frontage on Commercial Drive and a depth of 105 feet. The property is zoned C-2C. It falls within the Grandview-Woodland Community Plan’s Commercial Drive core, a traditional shopping district that allows buildings of up to four storeys with ground-floor commercial.

The vendor had acquired the property in August 2023 for $3,100,000. The sale price is $228,000, or roughly 7%, above that purchase price.

Small-scale streetfront retail on Commercial Drive attracts owner-users and local investors who want a long-term hold in one of Vancouver’s best-known neighbourhood shopping streets. The mixed-use land-use designation adds redevelopment potential for buyers with a longer horizon.

Pricing details

• Sale price: $3,328,000
• Price per SF: $1,193
• Building size: 2,790 SF
• Lot size: 3,485 SF

Colliers is pleased to present 2055-2057 Commercial Drive, a fully leased, two-tenant retail building on one of East Vancouver’s most established shopping streets.

Commercial Drive draws steady foot traffic from a dense, well-established residential neighbourhood. It has long been known for independent merchants and a strong local customer base. Retail space with street frontage on the Drive rarely comes to market in this size range, and this offering suits an owner-user or an investor seeking stable, low-management income.

The building is 100% occupied by two long-standing tenants: a national retail service operator and a local real estate brokerage. Both leases are fully net, so property taxes, insurance and operating costs are recovered from the tenants. That gives the landlord a clean, predictable income stream with minimal expense leakage.

Both leases also expire within a similar window in 2028. That timing gives a purchaser the chance to renew at current market rents or reposition the space.

Pricing Information

• Asking price: $2,350,000
• Price per SF: $1,077
• Building size: 2,197 SF

For the offering memorandum and tenant details, contact David Taylor at Colliers at 604-761-7044 or david.taylor@colliers.com.