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East Edmonton — 23 Ave / Millbourne Road · LRT Mill Woods Line · Established Suburb

Millbourne / Rundle Heights Commercial Real Estate

East Edmonton's established suburban community anchored by Millbourne Market. Neighbourhood retail, walk-up multifamily, condominiums and limited office. LRT Mill Woods line connectivity. Stable, affordable, income-producing assets.

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$20–32/sfRetail Net Rent
5.25–6.5%Retail Cap Rate
4.5–5.5%Multifamily Cap Rate
LRTMill Woods Line Access
Property Types
What's Available in Millbourne / Rundle Heights
Retail
$20–32/sf net
Neighbourhood Mall · Strip · Convenience · Food Service
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Multifamily
Residential suites available
Walk-Up · Low-Rise · Condo
View Rental Listings →
Office
$14–20/sf gross
Medical · Professional · Second-Floor
View Office Listings →
Retail
Cap rate 5.25–6.5%
Strip Bay · Neighbourhood Mall · Anchor Pad
View Retail for Sale →
Multifamily
Cap rate 4.5–5.5%
Walk-Up · Low-Rise · Value-Add
View Multifamily for Sale →
Office — Strata
Cap rate 6.5–8.0%
Medical · Professional · Owner-User
View Office for Sale →
Millbourne / Rundle Heights Submarkets
Key Areas in East Edmonton's Millbourne District
Millbourne Market
Anchor Neighbourhood Mall · 23 Ave / Millbourne Road
Retail Office
East Edmonton's neighbourhood retail anchor. Grocery-anchored neighbourhood mall with in-line retail bays, personal services, and food tenants. Serves Millbourne, Rundle Heights and adjacent east Edmonton communities. Long-standing tenant mix with stable daily-needs customer flow.
$22–32/sfRetail Net
5.25–6.0%Cap Rate
Millbourne Multifamily Corridor
Walk-Up Rental · Established Stock
Multifamily
Dense walk-up and low-rise apartment corridor running through Millbourne. Older rental stock — predominantly 1970s–1980s vintage — provides affordable renter housing and cash-flow investment properties. Renovation-to-reposition strategies are common and proven in this submarket.
4.5–5.5%Cap Rate
Value-AddOpportunity
Rundle Heights — LRT Corridor
Transit-Oriented · LRT Mill Woods Line
Multifamily Retail
Rundle Heights benefits from access to the Mill Woods LRT line, connecting residents to downtown Edmonton and south Edmonton destinations. Transit proximity reduces vacancy in nearby multifamily buildings and supports ground-floor retail tenants dependent on walk-by pedestrian traffic.
LRT AccessTransit Connected
Lower VacancyTransit Premium
Millbourne Condominium Stock
Ownership · Investment Units · Strata
Multifamily
Condominium product in Millbourne and Rundle Heights offers attractive entry price points for individual investors. Strong rental demand from the area's workforce tenants ensures consistent occupancy. Lower strata fees than newer suburban development makes cash flow more predictable.
AffordableEntry Price
StrongRental Demand
Secondary Strip Commercial
Neighbourhood Service Retail
Retail
Supporting strip retail along arterial roads serving Millbourne and Rundle Heights. Typical tenants include ethnic grocery, hair salons, medical/dental, daycares, convenience, and take-out food. Reliable cash flow with lower price entry than inner-city commercial nodes.
$20–26/sfRetail Net
5.75–6.5%Cap Rate
Professional & Medical Office
Limited Office · Second-Floor · Medical
Office Retail
Limited office supply in Millbourne is primarily medical, dental, physiotherapy, and personal services — co-located with or above ground-floor retail. Second-floor office above Millbourne Market tenants. Demand driven by the neighbourhood's high residential density and aging demographic.
$14–20/sfOffice Gross
MedicalPrimary Use
$20–32/sf
Neighbourhood Retail Net
5.25–6.5%
Retail Cap Rate
4.5–5.5%
Multifamily Cap Rate
LRT
Mill Woods Line Access

Millbourne / Rundle Heights — Market Overview

Millbourne and Rundle Heights form an established east Edmonton suburban corridor located approximately 10 kilometres east of downtown. The area is bounded by 23 Avenue to the south, 50 Street to the west, and extends east toward Mill Woods. The two neighbourhoods share a common commercial spine anchored by Millbourne Market at 23 Avenue and Millbourne Road East.

Commercial real estate in this corridor is neighbourhood-serving in character. Retail at Millbourne Market and surrounding strip centres serves daily needs — grocery, pharmacy, food service, personal care, and professional services. This daily-needs tenant mix provides stable, defensive income streams with strong occupancy even through economic cycles. The area does not have industrial land; for east Edmonton industrial, see NE Industrial / Fort Road or SE Edmonton Industrial.

Multifamily investment is the primary institutional play. Walk-up and low-rise apartment buildings from the 1970s and 1980s offer value-add renovation opportunities. Investors who upgrade suites and building systems can achieve 15–25% rent premiums over unrenovated stock. LRT access via the Mill Woods line enhances the neighbourhood's connectivity and supports occupancy in transit-proximate buildings.

Millbourne / Rundle Heights Cap Rates & Market Data (2025)

Asset ClassLocationCap RateNotes
Retail — Neighbourhood Mall AnchorMillbourne Market5.25–6.0%Grocery-anchored, daily needs, stable occupancy
Retail — Strip Bay In-LineMillbourne Market / strips5.5–6.25%Personal services, food, specialty tenants
Retail — Secondary StripArterial roads5.75–6.5%Local serving, convenience, ethnic grocery
Office — Medical / ProfessionalAbove retail / second-floor6.5–8.0%Medical, dental, physiotherapy, professional
Multifamily — Walk-Up (6–20 units)Millbourne / Rundle Heights4.75–5.5%Value-add renovation potential, 1970s–1980s vintage
Multifamily — Low-Rise (20+ units)LRT-adjacent, arterial4.5–5.25%Transit premium, stable occupancy
Condominium — Investment UnitMillbourne / Rundle HeightsYield variesEntry-level investor product, affordable

Why Invest in Millbourne / Rundle Heights

Millbourne Market anchor stability. A grocery-anchored neighbourhood mall is one of the most defensive retail assets in commercial real estate. Daily needs traffic creates persistent occupancy even during retail sector downturns. Millbourne Market is an established east Edmonton anchor with a loyal customer base.

Value-add multifamily at accessible entry points. Walk-up rental stock in Millbourne trades at prices well below new-construction replacement cost, creating genuine spread for renovation and rent repositioning strategies. Edmonton's continued population growth keeps rental demand elevated.

LRT connectivity premium. The Mill Woods LRT line provides transit-dependent tenants a direct connection to downtown Edmonton. Properties within walking distance of LRT stations consistently demonstrate lower vacancy than non-transit-proximate comparables.

No provincial income tax. Alberta's zero provincial income and sales tax is a structural advantage for investors. Edmonton's non-residential mill rate of $27.26 per $1,000 assessed value is competitive within the Canadian urban landscape.

Millbourne / Rundle Heights — Frequently Asked Questions

What commercial real estate is available in Millbourne and Rundle Heights?
The area offers neighbourhood retail centred on Millbourne Market (23 Ave / Millbourne Road), secondary strip retail along arterial roads, walk-up and low-rise multifamily rental buildings, condominiums, and limited medical/professional office. There is no industrial land in Millbourne or Rundle Heights.
What is Millbourne Market and why is it significant?
Millbourne Market is a grocery-anchored neighbourhood shopping centre at 23 Avenue and Millbourne Road East in east Edmonton. It serves as the primary daily-needs retail destination for Millbourne, Rundle Heights and adjacent east Edmonton communities. As a grocery-anchored centre, it provides stable, recession-resistant tenancy and consistent foot traffic that supports in-line tenants.
What are retail cap rates in Millbourne?
Neighbourhood retail in Millbourne trades at 5.25–6.5% cap rates in 2025. Grocery-anchored and longer-lease product at Millbourne Market trades toward the tighter end (5.25–6.0%). Secondary strip retail and convenience centres trade wider (5.75–6.5%). Retail net rents range from $20–32/sf depending on location and bay quality.
What are multifamily cap rates in Millbourne and Rundle Heights?
Walk-up and low-rise multifamily trades at 4.5–5.5% cap rates in 2025. LRT-proximate buildings with transit-dependent tenants tend toward the tighter end. Older, unrenovated buildings offer value-add potential and often trade closer to 5.0–5.5%, allowing renovation upside. Edmonton's non-residential mill rate is $27.26 per $1,000 assessed value.
Does the LRT Mill Woods line affect property values?
Yes. LRT access is a genuine multifamily demand driver in Edmonton. Properties within reasonable walking distance of Mill Woods line stations show lower vacancy and support slightly higher rents than non-transit-proximate comparables. For retail, LRT access increases foot traffic in stations' immediate vicinity.
How do I buy or lease commercial property in Millbourne or Rundle Heights?
Contact Canada's Home Commercial via our contact form, or call 780-545-5955. We specialize in east Edmonton neighbourhood retail, multifamily investment and commercial properties across Millbourne and Rundle Heights.

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