Mixed-Use Property with Apartment
For Sale
$989,000
3506 MAIN St, Vancouver, WA 98663
MultiFamily, Vancouver, WA
Property Size3,514 SF
Lot Size0.28 Acres
Price / SF$281.45
Days on Market47
Property Features for 3506 MAIN St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-22
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 2
Elementary school
Lincoln
Middle school
Discovery
High school
Hudsons Bay
Directions
Corner of Main Street and E 35th Street
Subdivision
_11
Standard status
Active
APN
010780000
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
CHUMASERO HEIGHTS ADJ LOTS 6, 7 & 8 BLK 12 FOR ASSESSOR USE ONLY
Tax Annual Amount
3482
Legal Description
CHUMASERO HEIGHTS ADJ LOTS 6, 7 & 8 BLK 12 FOR ASSESSOR USE ONLY
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1939
Number of units
9
Roof type
Composition
Listing Agency:
Keller Williams Realty
(360) 693-3336
Listed By:
Jeff Wunder · License #104052
(360) 931-1178
Added: Jul 17
Changed: Sep 1
Last Checked: Sep 1 at 11:06PM
MLS# 243213175
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.
This mixed-use property includes a 3,514 SF office building constructed in 1939. The building is fully leased and features forced-air heating, central air conditioning, and a composition roof. The site encompasses 0.28 acres and carries R-22 zoning.
Permits issued in 2023/2024 support a redevelopment plan for 9 apartment units above 3,548 SF of ground-floor commercial space. The property is located at 3506 MAIN St in downtown Vancouver, Washington, within Clark County. Existing office operations provide an interim use while the approved residential and commercial concept is evaluated.
Permits issued in 2023/2024 support a redevelopment plan for 9 apartment units above 3,548 SF of ground-floor commercial space. The property is located at 3506 MAIN St in downtown Vancouver, Washington, within Clark County. Existing office operations provide an interim use while the approved residential and commercial concept is evaluated.
Key Highlights
- 3,514 SF office building, built in 1939, with full lease occupancy
- 0.28‑acre site with R‑22 zoning
- Permitted 2023/2024 for 9 apartment units and 3,548 SF of ground‑floor commercial space
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
$47,019
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
4.75%
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%
$940,380
$940.4K
Cap Rate 7%
$671,700
$671.7K
Cap Rate 9%
$522,433
$522.4K
Market Conditions
NOI Build-Up for 3,514 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
$81.0K $23.04/SF
− Vacancy
−$5.7K −$1.63/SF
EGI
$75.2K $21.41/SF
− OpEx
−$28.2K −$8.03/SF
NOI
$47.0K $13.38/SF
Area
Vancouver, WA
Vacancy
7.08%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
37.50%
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%
$940,380
Cap Rate 7%
$671,700
Cap Rate 9%
$522,433
Alternative Uses
Best Use
Mixed Use
$671.7K
$587.7K – $783.7K
NOI $47,019 @ 7.0% cap · market cap 4.75%
Second Best
Office B
$646.5K
$565.7K – $754.3K
NOI $45,256 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$859.8K
$752.3K – $1.00M
NOI $60,184 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Explore this area
Business Placement
Demographics for 98663, WA
15,188
Population
6,753
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,704
Density / Sq Mi
$84,590
Median Household Income
$47,747
Median Earnings
$1,538
Median Rent
$430,900
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased office building with permitted plans for apartments and ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 3506 MAIN St Vancouver, WA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: 3,514 SF office building, built in 1939, with full lease occupancy; 0.28‑acre site with R‑22 zoning; Permitted 2023/2024 for 9 apartment units and 3,548 SF of ground‑floor commercial space
