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1511 Admirals Rd 11,854 SF Retail Building Victoria, BC V9A 2P8 $6,369,517 USD ($537.33 USD/SF) 5.21% Cap Rate
Investment Highlights
- 100% occupied by Rexall, a national pharmacy brand backed by a strong corporate covenant.
- Prominent corner site along Admirals Road (11,500 VPD) with strong commuter exposure and excellent accessibility to Victoria's urban core.
- The Subject Property sits on approximately one acre adjacent to recent multifamily development, providing a clear runway for future densification.
- Rexall is operating on a triple-net (NNN) lease, providing minimal landlord responsibilities and a secure, predictable cash flow.
- Situated within a dense and proven retail node, anchored by Canadian Tire, Admirals Walk Shopping Centre (Thrifty Foods), and Eagle Creek Village.
- View Royal's Official Community Plan (View Royal 2050) designates the Admirals Road corridor for increased density and mixed-use intensification.
Executive Summary
Marcus & Millichap's Western Canada NNN Group presents 1511 Admirals Road, View Royal, BC (the "Subject Property"), an 11,854 SF freestanding Rexall pharmacy on a corner site at Admirals Road and Glentana Road, surrounded by national tenants including Canadian Tire and Thrifty Foods (Sobeys). The property is 100% leased to Rexall Pharmacies (BC) ULC on a landlord-favourable NNN lease expiring October 31, 2031, with two successive five-year renewal options, approximately 5.5 years of remaining term, and backed by a tenant with a 122-year operating history and ~400 locations nationally.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
11,854 SF
Year Built
2011
Price
$6,369,517 USD
Price Per SF
$537.33 USD
Cap Rate
5.21%
NOI
$331,965 USD
Tenancy
Single
Building Height
1 Story
Building FAR
0.28
Lot Size
0.98 AC
Zoning
CD-1 - Comprehensive Development
Parking
14 Spaces (1.18 Spaces per 1,000 SF Leased)
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
70/100
Nearby Major Retailers
Contacts
-
Curtis Leonhardt -
Jon Buckley -
Joe Genest -
Jack Allpress -
Andrew Gormley -
Marcus & Millichap
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1511 Admirals Rd
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