Renovated Creative Office
For Sale
$3,800,000
7414 NE Hazel Dell Ave, Vancouver, WA 98665
Built in 1978 and renovated in 2018, this office building offers a modern creative workspace for long-term tenants.
Property Size15,042 SF
Lot Size0.76 Acres
Price / SF$252.63
Days on Market84
Property Features for 7414 NE Hazel Dell Ave
General Information
Standard status
Active
Size
15,042 SF
Lot size
0.76 Acres
Property subtype
Office
Additional Details
Cap Rate
7.5%
Amenities
1.3% Submarket Vacancy - Among the Tightest Office Markets in SW Washington
7.50% Market Cap Rate
Fully Renovated in 2018
Building Details
Building Size
15,042 SF
Year Built
1978
Year Renovated
2018
Tenancy
Multi
Listing Agency:
MARCUS & MILLICHAP, INC.
(503) 200-2036
Listed By:
Zack Danner · License #License(s): OR: 201254181
(503) 200-2036
Source:
Marcusmillichap
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 29 at 5:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MARCUS & MILLICHAP, INC.
Investment Insights
Based on property information with market context.
The Hazel Dell Professional Building is a 15,042 square foot office property originally constructed in 1978 and renovated in 2018. The improvements refreshed both the interior and exterior, resulting in a modern creative office environment with high-end finishes. The building’s configuration supports office occupancy, and the updates align with tenants seeking a polished workplace setting.
Located at 7414 NE Hazel Dell Ave in Vancouver, Washington, the property sits on 0.76 acres in the Hazel Dell/Salmon Creek submarket. The offering is presented as part of a supply-constrained commercial corridor, with a vacancy rate cited at 1.3%.
This asset is well-suited for an owner-occupier, private investor, or 1031 exchange buyer seeking an office building with documented tenancy continuity. Long term technology tenants Evosus and Centerlogic have operated from the location for an extended period, supporting the building’s established fit for office users. The renovated nature of the property may appeal to buyers looking for a turn-key office option with contemporary finishes.
Located at 7414 NE Hazel Dell Ave in Vancouver, Washington, the property sits on 0.76 acres in the Hazel Dell/Salmon Creek submarket. The offering is presented as part of a supply-constrained commercial corridor, with a vacancy rate cited at 1.3%.
This asset is well-suited for an owner-occupier, private investor, or 1031 exchange buyer seeking an office building with documented tenancy continuity. Long term technology tenants Evosus and Centerlogic have operated from the location for an extended period, supporting the building’s established fit for office users. The renovated nature of the property may appeal to buyers looking for a turn-key office option with contemporary finishes.
Key Highlights
- 15,042 SF office asset in Vancouver, Washington built in 1978
- Renovated in 2018 with interior and exterior improvements
- Located on 0.76 acres in the Hazel Dell/Salmon Creek submarket
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$193,722
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,874,440
$3.9M
Cap Rate 7%
$2,767,457
$2.8M
Cap Rate 9%
$2,152,467
$2.2M
Market Conditions
NOI Build-Up for 15,042 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$278.0K $18.48/SF
− Vacancy
−$19.7K −$1.31/SF
EGI
$258.3K $17.17/SF
− OpEx
−$64.6K −$4.29/SF
NOI
$193.7K $12.88/SF
Area
Vancouver, WA
Vacancy
7.08%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,874,440
Cap Rate 7%
$2,767,457
Cap Rate 9%
$2,152,467
Alternative Uses
Best Use
Office B
$2.77M
$2.42M – $3.23M
NOI $193,722 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,625 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,204
Businesses Nearby
Explore this area
Business Placement
Demographics for 98665, WA
28,780
Population
11,894
Households
2.4
Avg Household Size
38
Median Age
29%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,889
Density / Sq Mi
$83,750
Median Household Income
$46,000
Median Earnings
$1,678
Median Rent
$447,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Built in 1978 and renovated in 2018, this office building offers a modern creative workspace for long-term tenants.
Where is this office building located?
The property is located at 7414 NE Hazel Dell Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 15,042 SF office asset in Vancouver, Washington built in 1978; Renovated in 2018 with interior and exterior improvements; Located on 0.76 acres in the Hazel Dell/Salmon Creek submarket
