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

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.

Process

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2158-2170-w-1-ave-3

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

The City of Vancouver is reviewing an application to rezone 2150 West 16th Avenue from R1-1 to CD-1 to permit a 6-storey, 100% market rental building. The site is a single 50-foot, mid-block lot on the south side of West 16th Avenue between Yew Street and Arbutus Street in Arbutus Ridge.

The application is being considered under the City’s Transit-Oriented Areas (TOA) Rezoning Policy. The site sits about 695 metres from the future Arbutus Station on the Broadway Subway, inside the 800-metre Tier 3 radius, where the policy supports six to eight storeys and up to 3.0 FSR for secured rental. The applicant is PCubed (P Square Engineering and Construction), with B Squared Architecture as architect.

• Replaces a 1944 single-family house with a six-storey, wood-frame rental building
• 24 market rental units: 16 two-bedroom (avg. ~865 SF) and 8 three-bedroom (avg. ~1,036 SF)
• 2.89 FSR (about 21,695 SF)
• 60 ft in height
• Open-air exterior corridors and a single exterior stair
• Rooftop amenity deck plus an indoor amenity room on level two
• Underground parkade off the lane with 12 stalls (9 regular, 2 accessible, 1 shared loading) and 63 bike spaces
• Envelope Pathway under the Green Buildings Policy, with electric heat pumps
• CAC exemption sought under the TOA policy’s low-density provisions

Most TOA rental rezonings on the west side rely on assembling two or more lots. This one tests whether a single 7,496 SF lot can carry a six-storey rental building on its own, and the TOA policy sets no minimum lot size in Tier 3.

Full rezoning application: https://www.shapeyourcity.ca/2150-w-16-ave