Office Building with Redevelopment
For Sale
$989,000
3506 MAIN St, Vancouver, WA 98663
CommercialSale, Vancouver, WA
Property Size3,514 SF
Lot Size0.28 Acres
Price / SF$281.45
Days on Market40
Property Features for 3506 MAIN St
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
R-22
Directions
Corner of Main Street and E 35th Street
Subdivision
_11
Standard status
Active
APN
010780000
Size
3,514 SF
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
Floors in Building
1
Building materials
Cedar, WoodFrame
Roof type
Composition
Listing Agency:
Keller Williams Realty
(360) 693-3336
Listed By:
Jeff Wunder · License #104052
(360) 931-1178
Added: Jul 17
Changed: Aug 25
Last Checked: Aug 25 at 6:06AM
MLS# 449847689
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 3,514-square-foot office building is fully leased and dates to 1939. The structure features cedar and wood-frame construction, forced-air heating, central air conditioning, and a composition roof. The property is zoned R-22 and occupies 0.28 acres at 3506 Main St in Vancouver, Washington.
Permits issued in 2023/2024 support a redevelopment plan consisting of 9 apartment units above 3,548 square feet of ground-floor commercial space. Subsequent building code updates removed unit-count limitations affecting the site, allowing a purchaser to evaluate a larger residential program using the approved plans as a starting point. The property therefore combines an operating office use with an established path toward a mixed residential and commercial configuration.
Permits issued in 2023/2024 support a redevelopment plan consisting of 9 apartment units above 3,548 square feet of ground-floor commercial space. Subsequent building code updates removed unit-count limitations affecting the site, allowing a purchaser to evaluate a larger residential program using the approved plans as a starting point. The property therefore combines an operating office use with an established path toward a mixed residential and commercial configuration.
Key Highlights
- Fully leased 3,514 SF office building
- 2023/2024 permits support 9 apartments and 3,548 SF of ground‑floor commercial space
- R‑22 zoning on a 0.28‑acre site
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
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Frequently Asked Questions
What type of property is this?
Office building - Fully leased downtown office property with an approved residential and commercial development concept.
Where is this office building 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: Fully leased 3,514 SF office building; 2023/2024 permits support 9 apartments and 3,548 SF of ground‑floor commercial space; R‑22 zoning on a 0.28‑acre site
