Camas Shopping Center For
For Sale
$6,000,000
3504-3536 NE 3rd Avenue, Camas, WA 98607
38,850 SF shopping center on 2.44 acres in Camas, WA.
Property Size38,850 SF
Price / SF$154.44
Days on Market330
Property Features for 3504-3536 NE 3rd Avenue
General Information
Standard status
Active
Size
38,850 SF
Property subtype
Retail
Building Details
Building Size
38,850 SF
Year Built
1959
Listing Agency:
Norris & Stevens, Inc. - Corporate
(503) 416-8422
Listed By:
Luis Martin del Campo
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 20
Last Checked: Aug 20 at 5:30AM
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 Norris & Stevens, Inc. - Corporate
Investment Insights
Based on property information with market context.
This multi-tenant shopping center offers an opportunity to purchase a fee simple interest in a property of approximately 38,850 square feet, situated on roughly 2.44 acres. Located north of Portland, Oregon, in Camas, Washington, the One Stop Shopping Center benefits from an advantageous corner location with convenient access to Highway 14. The property is less than one mile from Washougal Waterfront Park. The shopping center features eight spaces leased to a mix of service, convenience, and showroom tenants. Some leases include 3-4% annual rent increases, and some rents are below market value. There is potential development of south parking lot parcels totaling approximately 32,670 square feet. Future job growth in the area is projected to increase 40% over the next 10 years.
Key Highlights
- Potential development of south parking lot parcels totaling ± 32,670 SF
- Excellent corner location with good access to HWY 14
- Future job growth is projected to increase 40% over the next 10 years
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
$468,461
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
7.81%
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%
$9,369,220
$9.4M
Cap Rate 7%
$6,692,300
$6.7M
Cap Rate 9%
$5,205,122
$5.2M
Market Conditions
NOI Build-Up for 38,850 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
$699.3K $18.00/SF
− Vacancy
−$30.1K −$0.77/SF
EGI
$669.2K $17.23/SF
− OpEx
−$200.8K −$5.17/SF
NOI
$468.5K $12.06/SF
Area
Clark County, WA
Vacancy
4.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$9,369,220
Cap Rate 7%
$6,692,300
Cap Rate 9%
$5,205,122
Alternative Uses
Best Use
Retail
$6.69M
$5.86M – $7.81M
NOI $468,461 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.46M
$8.28M – $11.04M
NOI $662,538 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98607, WA
35,054
Population
12,667
Households
2.8
Avg Household Size
40
Median Age
53%
College-Educated
96%
High-School Grad
47.6 sq mi
ZIP Area
736
Density / Sq Mi
$132,234
Median Household Income
$64,422
Median Earnings
$1,854
Median Rent
$648,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - 38,850 SF shopping center on 2.44 acres in Camas, WA.
Where is this shopping center located?
The property is located at 3504-3536 NE 3rd Avenue Camas, WA.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Potential development of south parking lot parcels totaling ± 32,670 SF; Excellent corner location with good access to HWY 14; Future job growth is projected to increase 40% over the next 10 years
