15650 Fourth Plain BlvdVancouver, WA 98682

Property Details for 15650 Fourth Plain Blvd

Year built

2022

Lot size

0.40 AC

Property size (Sq ft)

6,069 SF

Zone code

CC : VAN

Property type

Office properties

APN

986033-857

APU

986033857

Description

This exceptional investment opportunity presents a brand-new, 6,510 square foot retail shopping center in Vancouver, Washington, boasting 100% occupancy across six tenants. Built in 2023, the property features high-quality finishes and a transferable roof warranty. The absolute NNN leases, with annual rent increases, provide a secure investment with minimal landlord responsibilities. The center benefits from a strategic location between a high-performing Walmart and Safeway, ensuring significant foot traffic. Situated on a 0.59-acre lot at a signalized, hard-corner location, the property enjoys excellent visibility. The surrounding area is experiencing robust growth, with new retail and industrial developments underway, further enhancing the property's value. The strong demographics, including a population of over 208,000 within a 5-mile radius and average household incomes exceeding $94,000, contribute to a stable and expanding market. The property offers a 6.42% cap rate and a substantial net operating income (NOI) of $187,599. Leases commenced October 31, 2023, and expire December 30, 2028, with lease options available. This fee-simple ownership presents a compelling investment opportunity in a thriving market. The property's location in Clark County, Washington, offers the added benefit of being in an income tax-free state.

• CAP approach

  CAP return

  Valuation

  6%

  $1,666,912

  6.5%

  $1,538,688

  7%

  $1,428,781

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,168,768

  Geo Method

  $1,168,768

• Alternative Use

  Use

  Valuation

  Residential

  $1,907,973

  Hospitality

  $1,747,693

  Educational

  $1,454,060

  Medical

  $1,504,067

  Retail

  $2,261,871

Location Insight

City

Vancouver

County

Clark

State

Washington

Latitude

45.6725

Longitude

-122.512

CBSA code

38900

CBSA name

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

Property Tax & Assessments

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