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Government-Tenanted Office Building 32525 Simon Av 21,752 SF 100% Leased Office Building Abbotsford, BC V2T 6T6 $10,500,000 CAD ($482.71 CAD/SF) 4.28% Cap Rate
Investment Highlights
- 100% Leased, Fully Occupied — four tenants with staggered near-term expiries providing a defined path to owner occupancy
- Value-Add at Each Expiry — all in-place rents across the netlease tenancies are below current market rates
- City Centre Transformation Underway — Auburn, a 134-unit mixed-use six-storey development by Diverse Properties
- Dual Government Covenant — the Government of Canada (ESDC) and the Province of British Columbia collectively occupy 80% of the building
- Significant Redevelopment Upside — designated City Centre Residential under Abbotsford's newly adopted Abbotsforward 2050 OCP (December 2025)
- Rare Freestanding Office in Abbotsford's City Centre — 21,752 SF purpose-built office building on a 24,984 SF lot
Executive Summary
Marcus & Millichap is pleased to present for sale 32525 Simon Avenue, Abbotsford, BC (the "Subject Property"). The Subject Property represents a rare opportunity to acquire a fully leased, government-anchored office building in the heart of Abbotsford's rapidly transforming City Centre. The Property offers the ability for prospective purchasers to secure premium office space for their own occupancy, collect stable government-backed income, and benefit from significant long-term redevelopment upside under the highest density land use designation in all of Abbotsford.
The building is 100% leased to four tenants, anchored by the Government of Canada and the Province of British Columbia, collectively occupying over 80% of the building. Staggered lease expiries over the next two to three years present a user with a clearly defined path to occupying meaningful square footage while enjoying secured holding income throughout. For the investor, these same expiries represent an opportunity to relet at materially higher market rents in a supply-constrained office market, or to capitalize on the property's City Centre Residential land use designation and develop the site to its full density potential.
The Subject Property sits directly across the street from Auburn by Diverse Properties, a 134-unit mixed-use six-storey development currently under construction which demonstrates the momentum of Abbotsford's City Centre and the caliber of the immediate neighbourhood.
The building is 100% leased to four tenants, anchored by the Government of Canada and the Province of British Columbia, collectively occupying over 80% of the building. Staggered lease expiries over the next two to three years present a user with a clearly defined path to occupying meaningful square footage while enjoying secured holding income throughout. For the investor, these same expiries represent an opportunity to relet at materially higher market rents in a supply-constrained office market, or to capitalize on the property's City Centre Residential land use designation and develop the site to its full density potential.
The Subject Property sits directly across the street from Auburn by Diverse Properties, a 134-unit mixed-use six-storey development currently under construction which demonstrates the momentum of Abbotsford's City Centre and the caliber of the immediate neighbourhood.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
21,752 SF
Year Built
1998
Price
$10,500,000 CAD
Price Per SF
$482.71 CAD
Cap Rate
4.28%
NOI
$449,400 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
21,752 SF
Building FAR
0.88
Lot Size
0.57 AC
Zoning
C5 - City Centre Commercial
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Walk Score®
Walker's Paradise (91)
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Government-Tenanted Office Building | 32525 Simon Av
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