A mixed-use corner property at Main Street and East 26th Avenue has sold for $6,850,000.
The sale combined 4216 Main Street and 212 East 26th Avenue, which had to be sold together. The two 1926 buildings are one storey each, with street-level storefronts. They are leased to two restaurant tenants and include one residential unit. The corner lot has 68 feet of frontage on Main Street.
The property was listed in April 2026 at $7,499,000 and sold after 104 days on market, about 9% below the ask. The listing noted that rents are below market and that both leases include demolition clauses. For an investor, that points to two things: income that can grow as leases roll, and a site that can be redeveloped. The C-2 zoning allows mixed-use buildings of 4 to 6 storeys.
The vendors had owned the property since 2003, when they paid $925,000, about $159/SF.
A 51-suite apartment building at the corner of Knight Street and East 15th Avenue, across from Clark Park has sold for $21,000,000.
The 5-storey concrete building was completed in 2017 by Conwest Developments, the vendor. It has 31,225 SF of rentable area in a mix of one studio, 32 one-bedroom and 18 two-bedroom suites. It also has 25 secured underground parking stalls, 38 storage lockers, in-suite laundry and a private garden. It sits on a corner lot in Kensington-Cedar Cottage zoned CD-1.
The property was marketed at $24,500,000 and sold about 14% below that ask. At $411,765 per unit, the price lines up with what newer, well-located East Van purpose-built rentals are trading for. The 5.1% cap rate is based on the marketing net operating income of $1,070,896. A buyer of a 2017 concrete building is paying for low near-term capital needs. The vendor’s materials noted good physical condition and no significant capital expenditures.
A 22-unit apartment building in the heart of Downtown Maple Ridge has sold for $4,600,000. The sale prices out at $209,091 per unit and a 6.3% cap rate, and it adds a useful data point for Fraser Valley apartment values.
Sale details
Sale price: $4,600,000
Price per unit: $209,091
Cap rate: 6.3%
Building size: 22 units (16 one-bedroom, 6 two-bedroom)
Lot size: 18,905 SF
The property
11901 222 Street is a three-storey, walkup apartment building constructed in 1966, sitting on a corner lot in Maple Ridge’s Town Centre between Dewdney Trunk Road and Lougheed Highway. The building offers covered parking, storage lockers and shared laundry. The property is zoned RM-2 (Medium Density Apartment Residential) and sits within the Town Centre Flexible Mixed-Use designation in the Official Community Plan, which gives it long-term redevelopment optionality on top of the in-place income. It is also a short walk to the Port Haney West Coast Express station and Downtown Maple Ridge amenities.
How it compares
At $209,091 per unit, the sale sits at a discount to the Burnaby and Langley apartment averages we track, and in line with other older, lower-rise product across the region. For reference, Mainstreet Equity’s October 2026 purchase of two Brow of the Hill buildings in New Westminster priced at roughly $198,000 per unit overall, with individual buildings at $181,000 and $217,000 per unit and cap rates between 4.8% and 5.9%. Maple Ridge’s 6.3% cap rate reflects the premium buyers still demand for the eastern Fraser Valley relative to the core.
Market Takeaway
The vendor acquired the property in December 2018 for $3,580,000, or $162,727 per unit. The sale price represents an increase of about 28% over that purchase price, even though the final price landed well short of the original ask of $5,700,000. For owners of older Fraser Valley apartment buildings, this sale is a reminder that values have held up since 2018, but that buyers are pricing off in-place income rather than headline asks.
Dan Chatfield of Paradigm and Raymond Townsend of Colliers represented the vendor on the sale.
Millennium Development has submitted a revised rezoning application for their site at 2158–2170 West 1st Avenue in Kitsilano, near the corner of Yew Street. The site was the subject of a 20-storey, 185-unit rental tower proposal in 2024, and that scheme was approved earlier this year. The new application is an amendment to add 6 floors and convert some of the space to hotel.
The 20,980 SF site is in the Kitsilano North – Area B policy area of the Broadway Plan. The revised proposal calls for a 26-storey mixed-use building over five levels of underground parking and includes:
121 secured rental units, made up of 97 market rental units and 24 below-market units (20% of dwelling unit area);
99 hotel rooms;
6,294 SF of ground-floor commercial space, split into three retail units;
A total density of 8.73 FSR (183,200 SF total);
A building height of 301 ft., plus additional height for rooftop amenity and mechanical space.
How the Floors Are Organized
The podium holds retail and the lobbies at grade, with below-market rental on levels 2 and 3 and market rental on level 4. Level 5 is an amenity floor that includes hotel check-in. Levels 6 through 16 are hotel, and market rental sits above on levels 17 to 25, topped by a rooftop amenity level and a mechanical floor. The hotel makes up 77,611 SF of the total, and the residential component is 99,295 SF.
How It Compares to the Approved Scheme
Approved (2024 application)
Revised (2026 application)
Storeys
20
26
Residential rental units
185
121
Hotel rooms
None
99
FSR
6.80
8.73
Height
212 ft.
301 ft.
The rental unit count drops by 64 units, or about 35%, while height rises by roughly 89 ft. and density by 1.93 FSR. The hotel rooms bring the total to 220 keys.
The Applicant’s Rationale
The application is being considered under the Broadway Plan and asks the City to consider height and density beyond current policy. Hotel use is not listed in the KKNB policy table. The applicant argues it is a minor geographic extension of hotel uses already contemplated in the adjacent KW4A and KKNC policy areas, within three blocks of the site, and that the added tower levels align with the Residential High-Rise 1 designation in the new Official Development Plan, which allows up to 26 storeys. The booklet also notes the Hotel Development Policy’s stated need for more hotel rooms across the city.
The typical tower floorplate grows to about 6,923 SF to fit a third elevator, up from the 6,800 SF the referral report had described as supportable.
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.
