Professional Office
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415 SE 117th Ave, Vancouver, WA 98683
CC-zoned property near restaurants, retail, medical facilities, transit, and Starbucks.
Property Size2,412 SF
Price / SF$289.80
Days on Market141
Property Features for 415 SE 117th Ave
General Information
Standard status
Active
Size
2,412 SF
Class
B
Property subtype
Office
Zoning
CC
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
1968
Listing Agency:
Fuller Group
Listed By:
Doug Bartocci, CCIM · License #WA 83766
Source:
Crexi
Added: Apr 14
Changed: Aug 31
Last Checked: Aug 30 at 6:39PM
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 Fuller Group
Investment Insights
Based on property information with market context.
This office property at 415 SE 117th Ave in Vancouver, Washington, was built in 1968 and is designated CC zoning. The surrounding area includes restaurants, retail, medical facilities, a health club, mass transit, and Starbucks. Interstate 205 and SR-14 are minutes away, providing access to regional routes and nearby services.
Key Highlights
- CC zoning designation
- Built in 1968
- Near restaurants, retail, medical facilities, a health club, mass transit, and Starbucks
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
$31,063
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
4.44%
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%
$621,260
$621.3K
Cap Rate 7%
$443,757
$443.8K
Cap Rate 9%
$345,144
$345.1K
Market Conditions
NOI Build-Up for 2,412 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
$44.6K $18.48/SF
− Vacancy
−$3.2K −$1.31/SF
EGI
$41.4K $17.17/SF
− OpEx
−$10.4K −$4.29/SF
NOI
$31.1K $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%
$621,260
Cap Rate 7%
$443,757
Cap Rate 9%
$345,144
Alternative Uses
Best Use
Office B
$443.8K
$388.3K – $517.7K
NOI $31,063 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$590.1K
$516.4K – $688.5K
NOI $41,310 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,380
Businesses Nearby
Explore this area
Business Placement
Demographics for 98683, WA
33,884
Population
14,352
Households
2.4
Avg Household Size
42
Median Age
42%
College-Educated
94%
High-School Grad
7.3 sq mi
ZIP Area
4,642
Density / Sq Mi
$83,821
Median Household Income
$47,862
Median Earnings
$1,783
Median Rent
$501,500
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?
Office building - CC-zoned property near restaurants, retail, medical facilities, transit, and Starbucks.
Where is this office building located?
The property is located at 415 SE 117th Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: CC zoning designation; Built in 1968; Near restaurants, retail, medical facilities, a health club, mass transit, and Starbucks
