1505 164Th Ave Vancouver, WA 98683

This exceptional value-add opportunity presents a 100% occupied, Class B shopping center totaling 21,949 square feet, situated on 4.13 acres in Vancouver, Washington (98683). The property consists of two single-story buildings, built in 2006, boasting a current NOI of $568,085 and a 5.18% cap rate at an asking price of $10,968,000 ($499.70/sq ft). The property enjoys a prime location along a major arterial, providing excellent visibility and access to major highways. Significant upside potential exists through the development of approximately 68,389 square feet of vacant pads, projected to generate an additional $180,000 in NOI. Scheduled rent increases and below-market rents are expected to boost NOI by over $157,000 (28%) over the projected hold period, representing a 2.5% CAGR before considering pad lease-up income. The property benefits from strong surrounding residential and retail density, including nearby Fred Meyer, New Seasons Market, Walgreens, Target, and BevMo!. Vancouver's rapid growth and affluent demographics, with a high average household income within a 5-mile radius, further enhance the investment's appeal. This is a stabilized multi-tenant property with significant future development potential in a thriving market.