Leased NNN Retail
For Sale
$4,150,000
6115 NE 114th Ave, Vancouver, WA 98662
Orchards Square is a 5-tenant, 100% leased NNN retail investment with an 11,865 SF building.
Property Size11,865 SF
Lot Size1.38 Acres
Price / SF$349.77
Days on Market40
Property Features for 6115 NE 114th Ave
General Information
Standard status
Active
Size
11,865 SF
Lot size
1.38 Acres
Property subtype
Retail
Occupancy
100%
Additional Details
Cap Rate
6.25%
Building Details
Building Size
11,865 SF
Year Built
2005
Tenancy
Multi
Listing Agency:
Capacity Commercial Group
Listed By:
Nicholas Diamond · License #OR #200403266
(503) 222-2655
Source:
Corfac
Added: Jul 27
Changed: Sep 4
Last Checked: Sep 4 at 2:18AM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
Orchards Square is a 100% leased NNN retail investment asset offered for sale with five tenants. The property totals 11,865 SF and is presented as an income-producing retail holding under a net lease structure.
The asset is located at 6115 NE 114th Ave in Vancouver, WA 98662. The offering includes a 1.38-acre lot.
This transaction is listed at $4,150,000 with a stated 6.25% cap rate and $259,178 in NOI.
The asset is located at 6115 NE 114th Ave in Vancouver, WA 98662. The offering includes a 1.38-acre lot.
This transaction is listed at $4,150,000 with a stated 6.25% cap rate and $259,178 in NOI.
Key Highlights
- NNN retail investment asset with 5 tenants, fully leased (100% leased)
- 11,865 SF building on 1.38 AC
- Year built: 2005
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
$140,081
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
3.38%
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%
$2,801,620
$2.8M
Cap Rate 7%
$2,001,157
$2.0M
Cap Rate 9%
$1,556,456
$1.6M
Market Conditions
NOI Build-Up for 11,865 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
$213.6K $18.00/SF
− Vacancy
−$13.5K −$1.13/SF
EGI
$200.1K $16.87/SF
− OpEx
−$60.0K −$5.06/SF
NOI
$140.1K $11.81/SF
Area
Vancouver, WA
Vacancy
6.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,801,620
Cap Rate 7%
$2,001,157
Cap Rate 9%
$1,556,456
Alternative Uses
Best Use
Retail
$2.00M
$1.75M – $2.33M
NOI $140,081 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.90M
$2.54M – $3.39M
NOI $203,212 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,102
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98662, WA
37,134
Population
14,609
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
13.0 sq mi
ZIP Area
2,856
Density / Sq Mi
$91,883
Median Household Income
$45,847
Median Earnings
$1,685
Median Rent
$424,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Orchards Square is a 5-tenant, 100% leased NNN retail investment with an 11,865 SF building.
Where is this shopping center located?
The property is located at 6115 NE 114th Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: NNN retail investment asset with 5 tenants, fully leased (100% leased); 11,865 SF building on 1.38 AC; Year built: 2005
