Multi-Unit Flex
For Sale
$2,595,000
15520 SE Mill Plain Boulevard, Vancouver, WA 98684
Commercial property combining office suites and automotive bays with designated parking and prominent on-site signage.
Property Size10,956 SF
Price / SF$236.86
Days on Market352
Property Features for 15520 SE Mill Plain Boulevard
General Information
Standard status
Active
Size
10,956 SF
Total Parking Spaces
25
Property subtype
Commercial
Additional Details
Road Access
Yes
Office Build-Out
7,300 SF
Office Units
4
Amenities
large signage
Building Details
Year Built
2004
Listing Agency:
Handris Realty Company
(360) 450-9188
Listed By:
Nicholas Thomas
(877) 319-7625
Source:
Century21northhomes
Added: Sep 14, 2025
Changed: Aug 29
Last Checked: Aug 30 at 6:33PM
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 Handris Realty Company
Investment Insights
Based on property information with market context.
Built in 2004, this CC-zoned flex property combines office and automotive components in one commercial asset. The office portion provides 7300+ sq ft across 4 units, while the automotive area includes 3600+ sq ft and 6 bays. The property also includes 25 designated parking spaces and large on-site signage.
Located on SE Mill Plain Blvd in Vancouver, the property offers access from both directions of Mill Plain. Its address places the office, automotive, parking, and signage components within a single established commercial site.
Located on SE Mill Plain Blvd in Vancouver, the property offers access from both directions of Mill Plain. Its address places the office, automotive, parking, and signage components within a single established commercial site.
Key Highlights
- 7300+ sq ft of office space configured as 4 units
- 3600+ sq ft of automotive space with 6 bays
- 25 designated parking spaces
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
5.44%
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 5.44%
Second Best
Retail
$1.85M
$1.62M – $2.16M
NOI $129,349 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$2.68M
$2.35M – $3.13M
NOI $187,644 @ 7.0% cap · market cap 7.23%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bleu Flame Catering — Vancouver, WA 98683, United States
Frequently Asked Questions
What type of property is this?
Flex space - Commercial property combining office suites and automotive bays with designated parking and prominent on-site signage.
Where is this flex space located?
The property is located at 15520 SE Mill Plain Boulevard Vancouver, WA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 7300+ sq ft of office space configured as 4 units; 3600+ sq ft of automotive space with 6 bays; 25 designated parking spaces
