1505 164Th AveVancouver, WA 98683

Property Details for 1505 164Th Ave

Year built

2008

Construction

WOOD

Lot size

0.72 AC

Property size (Sq ft)

6,380 SF

Zone code

CC : VAN

Property type

Turn key restaurants

APN

115106-000

APU

115106000

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,065,060

  6.5%

  $1,906,210

  7%

  $1,770,050

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,277,810

  Geo Method

  $1,277,810

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $3,784,050

  Mixed-Use / Specialty

  $1,872,430

  Hospitality / Lodging

  $1,338,620

  Office

  $1,833,210

  Institutional / Educational

  $1,936,930

  Residential Income

  $2,266,210

  Multifamily

  $2,867,540

  Automotive / Energy

  $1,660,230

  Parking / Income-Based Land

  $599,579

  Restaurant / Food Service

  $916,288

  Healthcare / Senior Housing

  $1,947,810

Location Insight

City

Vancouver

County

Clark

State

Washington

Latitude

45.6097

Longitude

-122.503

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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