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RBC 6639 Sooke Rd 3,501 SF Retail Building Sooke, BC V9Z 0A3 $3,090,000 CAD ($882.60 CAD/SF) 4.42% Cap Rate
Investment Highlights
- Current rents sit approximately 33% below market, presenting future upside potential upon lease renewal or expiry.
- The Subject Property is held in a bare trust, providing purchasers with the option to acquire shares of the nominee corporation.
- 105 feet of direct frontage onto Sooke Road (Highway 14), carrying 16,500 vehicles per day, connecting Sooke to Greater Victoria.
- The Subject Property is 100% leased on a triple-net (NNN) basis, placing all operating costs with the tenant and a fully passive income stream.
- Sooke’s population has increased by 15.6% since 2020 and is projected to grow an additional 13.5% by 2030.
- The property provides 4.6 stalls per 1,000 SF of rentable area at a site coverage ratio of 22%, offering customers convenient and accessible parking.
Executive Summary
The Vendor has exclusively engaged Marcus & Millichap REIS to market its 100% freehold interest in 6639 Sooke Road, Sooke, British Columbia (the "Subject Property"). The Subject Property is a single-tenant bank branch fully leased to Royal Bank of Canada (RBC) on a triple-net (NNN) basis, providing investors with a strong national corporate covenant and minimal landlord responsibilities. Current in-place rents sit notably below prevailing market rates, presenting investors with a clear path to enhanced yield upon renewal. Situated along Sooke Road (Highway 14), a primary arterial corridor connecting Sooke to Greater Victoria, the property commands excellent visibility and accessibility within an established retail node anchored by essential daily-needs tenants. The offering presents a rare opportunity to acquire a passive, income-producing asset underpinned by one of Canada's most creditworthy tenants.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
3,501 SF
Building Class
C
Year Built
2015
Price
$3,090,000 CAD
Price Per SF
$882.60 CAD
Cap Rate
4.42%
NOI
$136,578 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
0.37 AC
Zoning
C2 - General Commercial
Parking
16 Spaces (4.57 Spaces per 1,000 SF Leased)
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
1 of 11
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RBC | 6639 Sooke Rd
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