Cambie Street strip mall listed for sale with development potential
A corner of Cambie Street in Vancouver that features some local businesses has been listed for sale with development potential.
The property at 3080 Cambie St. is classified as a strip mall and has been listed for $14 million.
According to the listing, the strip mall is nearly 6,000 sq. ft., and is almost 40 years old, having been built in 1986. Total land size offered is 11,127 sq. ft.
Currently, the strip mall includes several businesses like Fetching Forever, which is a dog daycare, Blaze Hair Salon, Chinese restaurant Chef Wobot and Shiro Japanese Restaurant.
The most recent assessed value for the property was $12,804,000, just over a million under the current list price, and according to Zealty, since 2016, the peak value was reached in 2019, when the assessed value was $15,429,600. The land is valued at $12,788,000, while the buildings are valued at just $16,400.
Dorset Realty says that the plaza at Cambie and 15th is centrally located with high exposure to the busy Cambie Street.
“The property is nearby the Broadway [Canada Line] station, multiple buses, high auto traffic and significant pedestrian activity. The plaza offers a strong tenant mix with a Japanese restaurant, pizza parlour, nail salon, hair salon, foot spa and a dog spa/daycare,” Dorset Realty adds.
The listing on Zealty says that the prime investment offers “excellent holding income with high-density development possibility.”
The strip mall is also within walking distance of Vancouver City Hall.
Last week, Cambie Street was named one of the coolest streets in the world by Time Out Magazine.
“Few streets show off Vancouver’s character quite like Cambie. Split by the Cambie Bridge, this bustling boulevard runs from Gastown’s waterfront steam clock down to the city’s highest point at Queen Elizabeth Park,” wrote TimeOut Contributor Olivia Hart.
Hart mentioned that some of the street’s food establishments have been frequented by royalty, among other celebrities.
“In between lies Cambie Village. Nestled in the cool neighbourhood of Mount Pleasant, this once sleepy stretch has made a name for itself in recent years as a culinary hotspot, with new openings and famed Vij’s (frequented by Prince Harry).”
Many readers disagreed about the ‘coolest’ designation.
“Cambie is a very pleasant street to stroll and browse and is very underrated and overlooked, but ‘coolest’ really is a stretch,” one comment stated.
Another comment rhetorically asked, “Of all the streets in all the cities in all the countries in all the world … Cambie?”
Cambie has been making headlines around the city for lots of reasons lately, including the recent closure and subsequent rescue of the iconic Park Theatre.