Multi-Tenant Industrial Property For
For Sale
Contact for pricing
311 E Reserve St, Vancouver, WA 98661
Multi-tenant industrial property with 34 units, 93% leased.
Property Size15,047 SF
Price / SF$232.27
Days on Market156
Property Features for 311 E Reserve St
General Information
Standard status
Active
Size
15,047 SF
Property subtype
Industrial, Self Storage
Occupancy
93%
Net Operating Income
$308,000
Building Details
Year Built
1985
Year Renovated
2013
Units
34
Listing Agency:
Cushman & Wakefield - Portland, Oregon
(503) 279-1743
Listed By:
Jim Lewis · License #OR 200412086
Source:
Crexi
Added: Mar 9
Changed: Aug 7
Last Checked: Aug 10 at 10:07AM
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 Cushman & Wakefield - Portland, Oregon
Investment Insights
Based on property information with market context.
The multi-tenant industrial property at 311 E. Reserve St. consists of 34 units and is 93% leased. Operating as Man Caves @ Pearson Storage, the property provides a mix of spaces, including two office suites, small workshop spaces, and traditional storage units. Spaces are equipped with roll-up doors, high ceilings, overhead lighting, compressed air, electricity, 220 & 110 V power, WiFi, and cable TV with sports package. Communal restrooms, shared utilities, gated entry, and a security system are also available. Historically, tenants have included small businesses, hobbyists, and active storage users. The property is located near downtown Vancouver, Pearson Field, and the Grand Central Retail Center, with convenient access to Interstate 5, Interstate 205, SR14, and Mill Plain Blvd. Its central location serves both the Portland and Vancouver markets. The property contains 15,047 square feet.
Key Highlights
- 93% Leased Multi‑Tenant Industrial Property with 34 Units
- Highly Amenitized Spaces: Roll‑up doors, high ceilings, overhead lighting, compressed air, electricity (220 & 110 V), WiFi, and cable TV with sports package
- Convenient Location: Near downtown Vancouver, Pearson Field, and Grand Central Retail Center with easy access to I‑5, I‑205, SR14, and Mill Plain Blvd
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
$193,786
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
5.54%
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%
$3,875,720
$3.9M
Cap Rate 7%
$2,768,371
$2.8M
Cap Rate 9%
$2,153,178
$2.2M
Market Conditions
NOI Build-Up for 15,047 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
$278.1K $18.48/SF
− Vacancy
−$19.7K −$1.31/SF
EGI
$258.4K $17.17/SF
− OpEx
−$64.6K −$4.29/SF
NOI
$193.8K $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%
$3,875,720
Cap Rate 7%
$2,768,371
Cap Rate 9%
$2,153,178
Alternative Uses
Best Use
Office B
$2.77M
$2.42M – $3.23M
NOI $193,786 @ 7.0% cap · market cap 5.54%
Second Best
Self Storage
$1.99M
$1.74M – $2.33M
NOI $139,540 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$3.68M
$3.22M – $4.30M
NOI $257,710 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
841
Businesses Nearby
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Multi-tenant industrial property with 34 units, 93% leased.
Where is this self storage facility located?
The property is located at 311 E Reserve St Vancouver, WA.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 93% Leased Multi‑Tenant Industrial Property with 34 Units; Highly Amenitized Spaces: Roll‑up doors, high ceilings, overhead lighting, compressed air, electricity (220 & 110 V), WiFi, and cable TV with sports package; Convenient Location: Near downtown Vancouver, Pearson Field, and Grand Central Retail Center with easy access to I‑5, I‑205, SR14, and Mill Plain Blvd
