Light Industrial Flex
For Sale
Contact for pricing
2705 NE 65th Ave, Vancouver, WA 98661
Light industrial flex space with on-site parking, a flexible warehouse/shop layout, and functional yard space.
Property Size10,000 SF
Price / SF$165
Days on Market167
Property Features for 2705 NE 65th Ave
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Office, Industrial
Lease Type
NNN
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Building Details
Tenancy
Single
Listing Agency:
MAJ Commercial Real Estate
Listed By:
Kelly Shea · License #WA 15271
(360) 823-5110
Source:
Crexi
Added: Mar 28
Changed: Sep 8
Last Checked: Sep 10 at 7:47AM
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 MAJ Commercial Real Estate
Investment Insights
Based on property information with market context.
This light industrial flex property offers a flexible warehouse/shop configuration designed to support a range of light industrial operations. The site includes functional yard space and on-site parking, giving users practical room for everyday business needs.
The property is positioned in a highly visible, centrally located light industrial corridor just off NE Andresen Road, with convenient access from NE 65th Ave and easy connectivity to NE Andresen Rd. It sits among established retail and service businesses and other commercial activity.
Whether your operation relies on distribution, service work, specialty industrial needs, or contractor and automotive-related activity, this flex format can be adapted to fit your day-to-day use.
The property is positioned in a highly visible, centrally located light industrial corridor just off NE Andresen Road, with convenient access from NE 65th Ave and easy connectivity to NE Andresen Rd. It sits among established retail and service businesses and other commercial activity.
Whether your operation relies on distribution, service work, specialty industrial needs, or contractor and automotive-related activity, this flex format can be adapted to fit your day-to-day use.
Key Highlights
- Light industrial flex property with a flexible warehouse/shop configuration
- Convenient access from NE 65th Ave with easy connectivity to NE Andresen Rd
- On‑site parking available
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
$109,719
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
6.65%
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%
$2,194,380
$2.2M
Cap Rate 7%
$1,567,414
$1.6M
Cap Rate 9%
$1,219,100
$1.2M
Market Conditions
NOI Build-Up for 10,000 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
$129.6K $12.96/SF
− Vacancy
−$518 −$0.05/SF
EGI
$129.1K $12.91/SF
− OpEx
−$19.4K −$1.94/SF
NOI
$109.7K $10.97/SF
Area
Vancouver, WA
Vacancy
0.40%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
15.00%
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%
$2,194,380
Cap Rate 7%
$1,567,414
Cap Rate 9%
$1,219,100
Alternative Uses
Best Use
Warehouse
$1.57M
$1.37M – $1.83M
NOI $109,719 @ 7.0% cap · market cap 6.65%
Second Best
Industrial
$1.29M
$1.13M – $1.51M
NOI $90,357 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$2.45M
$2.14M – $2.85M
NOI $171,270 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98661, WA
48,983
Population
22,291
Households
2.2
Avg Household Size
36
Median Age
27%
College-Educated
89%
High-School Grad
10.9 sq mi
ZIP Area
4,494
Density / Sq Mi
$75,037
Median Household Income
$43,920
Median Earnings
$1,440
Median Rent
$424,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial flex space with on-site parking, a flexible warehouse/shop layout, and functional yard space.
Where is this flex space located?
The property is located at 2705 NE 65th Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Light industrial flex property with a flexible warehouse/shop configuration; Convenient access from NE 65th Ave with easy connectivity to NE Andresen Rd; On‑site parking available
