Kern's Plaza 771 Gibsons Way 21,117 SF Retail Building Gibsons, BC V0N 1V9 $7,998,000 CAD ($378.75 CAD/SF)

Property Overview
Rare opportunity to acquire a high-profile commercial property in the heart of Upper Gibsons. The site is fully tenanted, generating current gross annual rents of approx. $428,000, with near-term escalations already in place. Net operating income (NOI) is approximately $315,000, reflecting a 3.95% cap rate at the asking price of $7,980,000. This provides strong in-place cash flow and stable tenant mix in one of the Sunshine Coast’s busiest commercial hubs.
Redevelopment Potential
The property spans 45,242 sq. ft. and is zoned C-1 (Commercial 1), permitting mixed-use development with ground-floor commercial and residential above.
As-of-right zoning:
• Up to 80% site coverage (~36,000 sq. ft. footprint)
• 12 m height limit (3–4 storeys)
• Apartments permitted above commercial
Expanded development potential:
• With Council support, massing studies indicate 4 residential floors (~132,000 gross sf) could yield 125–185 units (depending on suite size and efficiency).
• A 5-storey residential scheme (~165,000 gross sf) could support ~155–230 units.
• This positions the site as one of the largest mixed-use redevelopment opportunities on the Sunshine Coast.
Investment Highlights
Stable cash flow from existing leases (~$315,000 NOI)
Redevelopment-ready with C-1 zoning in place
Prominent Upper Gibsons location with strong visibility and access
Scale: 45,242 sq. ft. site — one of the largest contiguous parcels in the area
Future upside: Potential to create a mixed-use hub with significant new housing supply
Offering Summary
Asking Price: $7,980,000
Current NOI: ~$315,000 (3.95% cap)
Lot Size: 45,242 sq. ft.
Zoning: C-1 (Commercial 1) — mixed-use potential
Future Density: Up to ~165,000 gross residential sq. ft. with amendment