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

Mainstreet Equity Corp. has acquired a two-building apartment portfolio on St. Andrews Street in New Westminster’s Brow of the Hill neighbourhood. The sale closed in early October 2026 at $18,000,000, or $197,802 per unit across 91 suites.

The portfolio is made up of Twin Hollies at 1010 St. Andrews Street and St. Andrews Manor at 1025 St. Andrews Street. They sit on opposite sides of the street between 10th and 11th Avenues, within walking distance of Moody Park and the Uptown District. Downtown New Westminster and the SkyTrain stations are less than 1 km away.

Twin Hollies is a 43-suite, three-storey wood-frame building from 1968. It has an elevator, 33 surface stalls, and 42 storage lockers. Recent upgrades include a new roof and boilers in 2025 and new front doors in 2026. St. Andrews Manor is a 48-suite, 1969 wood-frame building with an elevator, 43 parking stalls, and 47 lockers. Both buildings are zoned RM-2.

Goodman Commercial marketed the properties, which were offered either individually or as a package. Their combined asking price was roughly $21.2 million, so the portfolio traded about 15% below ask.

The sale shows institutional buyers are still active in older low-rise rental buildings in the Fraser Valley and outer Metro Vancouver. Pricing of about $198,000 per unit is well below Burnaby and the North Shore, where comparable deals trade at much higher per-unit values.

Pricing details

Portfolio

• Sale price: $18,000,000
• Price per unit: $197,802
• Cap rate: 5.3% (blended, on marketing-stage NOI)

St. Andrews Manor, 1025 St. Andrews Street

• Sale price: $8,672,980
• Price per unit: $180,687 (48 units)
• Cap rate: 5.9%
• Lot size: 30,492 SF

Twin Hollies, 1010 St. Andrews Street

• Sale price: $9,327,020
• Price per unit: $216,907 (43 units)
• Cap rate: 4.8%
• Lot size: 26,136 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.

A rezoning application has been filed with the City of Vancouver for the Petro-Canada site at 8072 Granville Street in Marpole. The proposal would replace the service station with an 11-storey mixed-use building combining residential, hotel, office and retail space. It’s one of the more ambitious proposals to come forward on the Granville corridor south of 70th Avenue.

The application asks to rezone the site from C-2A (Commercial) to CD-1 (Comprehensive Development), which is the route typically used for projects that go beyond what existing zoning allows.

What’s proposed

The building would rise 152 feet at a floor space ratio of 6.11. The mix of uses is stacked by floor:

• Ground floor: 8,755 SF of commercial retail space
• Levels 2 to 3: 34,841 SF of office space
• Levels 4 to 6: a 65-room hotel
• Levels 7 to 11: 65 residential strata units
• Rooftop: an amenity space, over three levels of underground parking

Beyond the Marpole Community Plan

The application is being considered under the Marpole Community Plan, and the applicant has asked the City to consider height and density in excess of what the plan envisions. That is the key question for this site. Staff will review the proposal and report back, and the final project statistics will be set out in the referral report. The figures above are as submitted.

Why it’s worth watching

The mix of uses is unusual for Marpole. Hotel and office space are in short supply in this part of the city, and a project that adds both alongside strata housing and street-level retail would be a significant change for the Granville corridor. Marpole sits next to the Canada Line, and larger-format commercial and mixed-use sites along Granville rarely come up for redevelopment.

For owners of neighbouring commercial properties, the outcome of this application will be a useful indicator. If the City supports additional height and density here, it will inform how nearby sites along the corridor are valued for future redevelopment. If it holds closer to the community plan, that sets a different benchmark. The City’s Q&A period runs from December 2 to December 15, 2026.

If you own a commercial or redevelopment property in Marpole, South Granville or elsewhere in Vancouver and would like an opinion of current market value, I’d be happy to help.

The full application can be viewed here: https://www.shapeyourcity.ca/8072-granville-st