Flex Property with Automotive
For Sale
$2,495,000
15520 SE Mill Plain Blvd, Vancouver, WA 98684
CommercialSale, Vancouver, WA
Property Size10,956 SF
Lot Size0.69 Acres
Price / SF$227.73
Days on Market295
Property Features for 15520 SE Mill Plain Blvd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CC
Directions
West on Mill Plain Blvd, Right
Subdivision
_22
Standard status
Active
APN
115301210
Size
10,956 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Description
CAMELOT CREST IV LOT 6 & #2 LOT 5
Tax Annual Amount
21001
Legal Description
CAMELOT CREST IV LOT 6 & #2 LOT 5
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2004
Floors in Building
2
Building materials
Block, BoardBattenSiding, Brick
Roof type
Composition
Listing Agency:
Handris Realty Company
(360) 695-9292
Listed By:
Nicholas Thomas
(360) 450-9188
Added: Nov 4, 2025
Changed: Aug 26
Last Checked: Aug 26 at 6:06AM
MLS# 784803524
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 15520 SE Mill Plain Blvd in Vancouver, Washington, this 10,956-square-foot flex property was built in 2004 on 0.69 acres. The building includes more than 7,300 square feet of office area arranged across four units, along with more than 3,600 square feet of automotive space configured with six bays. Construction incorporates block, brick, and board-and-batten siding, with heat-pump heating and cooling and a composition roof.
The property offers access from both directions of Mill Plain and includes large on-site signage. Twenty-five designated parking spaces support the office and automotive components. Zoning is CC, and the property is located in Clark County within the 98684 postal area.
The property offers access from both directions of Mill Plain and includes large on-site signage. Twenty-five designated parking spaces support the office and automotive components. Zoning is CC, and the property is located in Clark County within the 98684 postal area.
Key Highlights
- 10,956‑square‑foot flex property on 0.69 acres
- More than 7,300 square feet of office space across 4 units
- More than 3,600 square feet of automotive space with 6 bays
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
$141,099
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
5.66%
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%
$2,821,980
$2.8M
Cap Rate 7%
$2,015,700
$2.0M
Cap Rate 9%
$1,567,767
$1.6M
Market Conditions
NOI Build-Up for 10,956 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
$202.5K $18.48/SF
− Vacancy
−$14.3K −$1.31/SF
EGI
$188.1K $17.17/SF
− OpEx
−$47.0K −$4.29/SF
NOI
$141.1K $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%
$2,821,980
Cap Rate 7%
$2,015,700
Cap Rate 9%
$1,567,767
Alternative Uses
Best Use
Office B
$2.02M
$1.76M – $2.35M
NOI $141,099 @ 7.0% cap · market cap 5.66%
Second Best
Retail
$1.85M
$1.62M – $2.16M
NOI $129,349 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$2.68M
$2.35M – $3.13M
NOI $187,644 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98684, WA
33,659
Population
14,355
Households
2.3
Avg Household Size
37
Median Age
29%
College-Educated
90%
High-School Grad
7.1 sq mi
ZIP Area
4,741
Density / Sq Mi
$88,044
Median Household Income
$48,108
Median Earnings
$1,847
Median Rent
$442,100
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?
Flex space - CC-zoned commercial property combines office units with automotive service space and access from both directions of Mill Plain.
Where is this flex space located?
The property is located at 15520 SE Mill Plain Blvd Vancouver, WA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 10,956‑square‑foot flex property on 0.69 acres; More than 7,300 square feet of office space across 4 units; More than 3,600 square feet of automotive space with 6 bays
