Mixed-Use Property with Redevelopment
For Sale
$989,000
3506 Main St, Vancouver, WA 98663
Fully leased office property with permitted plans for apartments and ground-floor commercial space.
Property Size3,514 SF
Price / SF$281.45
Days on Market42
Property Features for 3506 Main St
General Information
Standard status
Active
Size
3,514 SF
Occupancy
100%
Building Details
Year Built
1939
Buildings
1
Building Size
3,514 SF
Listing Agency:
Keller Williams Realty
(503) 836-2010
Listed By:
Jeff Wunder, Lisa Wunder · License #201209867
Source:
Foxrealestategroups
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 25 at 4:38AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1939, the property is a 3,514-square-foot office building that is currently fully leased. Its existing configuration provides ongoing occupancy while approved redevelopment plans establish a separate future path for the site.
Permits issued in 2023/2024 allow for a 9-unit apartment project with 3,548 square feet of commercial space at ground level. The property is located in downtown Vancouver, Washington, at 3506 Main ST, providing an urban setting for the existing office use and the permitted mixed-use concept.
The approved plan combines residential units with commercial space, giving the asset both an operating office configuration and a documented redevelopment framework.
Permits issued in 2023/2024 allow for a 9-unit apartment project with 3,548 square feet of commercial space at ground level. The property is located in downtown Vancouver, Washington, at 3506 Main ST, providing an urban setting for the existing office use and the permitted mixed-use concept.
The approved plan combines residential units with commercial space, giving the asset both an operating office configuration and a documented redevelopment framework.
Key Highlights
- 3,514‑square‑foot office building currently fully leased
- Permitted 2023/2024 for a 9‑unit apartment project
- Approved plan includes 3,548 SF of ground‑floor commercial space
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
$47,019
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
4.75%
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%
$940,380
$940.4K
Cap Rate 7%
$671,700
$671.7K
Cap Rate 9%
$522,433
$522.4K
Market Conditions
NOI Build-Up for 3,514 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
$81.0K $23.04/SF
− Vacancy
−$5.7K −$1.63/SF
EGI
$75.2K $21.41/SF
− OpEx
−$28.2K −$8.03/SF
NOI
$47.0K $13.38/SF
Area
Vancouver, WA
Vacancy
7.08%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
37.50%
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%
$940,380
Cap Rate 7%
$671,700
Cap Rate 9%
$522,433
Alternative Uses
Best Use
Mixed Use
$671.7K
$587.7K – $783.7K
NOI $47,019 @ 7.0% cap · market cap 4.75%
Second Best
Office B
$646.5K
$565.7K – $754.3K
NOI $45,256 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$859.8K
$752.3K – $1.00M
NOI $60,184 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Explore this area
Business Placement
Demographics for 98663, WA
15,188
Population
6,753
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,704
Density / Sq Mi
$84,590
Median Household Income
$47,747
Median Earnings
$1,538
Median Rent
$430,900
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?
Mixed-use property - Fully leased office property with permitted plans for apartments and ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 3506 Main St Vancouver, WA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: 3,514‑square‑foot office building currently fully leased; Permitted 2023/2024 for a 9‑unit apartment project; Approved plan includes 3,548 SF of ground‑floor commercial space
