Flexible Medical Office
For Sale
$1,385,000
606 SE 117th Ave Ste 100, Vancouver, WA 98683
Efficient floor plate and ample on-site parking support professional and medical operations with easy customer access.
Property Size4,630 SF
Days on Market57
Property Features for 606 SE 117th Ave Ste 100
General Information
Standard status
Active
Size
4,630 SF
Class
B
Property subtype
Office
Additional Details
Highway Access
Yes
Building Details
Building Size
4,630 SF
Year Built
2003
Listing Agency:
(360) 921-2099
Listed By:
Charlie Kleier, CCIM
(360) 921-2099
Source:
Capacitycommercial
Added: Jun 25
Changed: Aug 19
Last Checked: Aug 20 at 4:20AM
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 Charlie Kleier, CCIM
Investment Insights
Based on property information with market context.
606 SE 117th Ave Ste 100 is a highly functional, flexible commercial office space designed for professional, medical, or service-oriented use. The building includes efficient floor plates and a practical layout intended to accommodate a range of office configurations. On-site parking is available for day-to-day access.
The property is positioned in an east Vancouver area with quick access to Mill Plain Blvd and I-205. It is surrounded by established businesses and strong residential density, supporting convenient customer access and dependable day-to-day visibility for an ongoing operation.
For tenants or buyers seeking an office or medical office environment, this space is built around operational usability: efficient interior layouts, straightforward access for staff and visitors, and ample on-site parking. Its flexible character can help professional teams, clinics, and service providers plan for a working footprint that aligns with their day-to-day workflow.
The property is positioned in an east Vancouver area with quick access to Mill Plain Blvd and I-205. It is surrounded by established businesses and strong residential density, supporting convenient customer access and dependable day-to-day visibility for an ongoing operation.
For tenants or buyers seeking an office or medical office environment, this space is built around operational usability: efficient interior layouts, straightforward access for staff and visitors, and ample on-site parking. Its flexible character can help professional teams, clinics, and service providers plan for a working footprint that aligns with their day-to-day workflow.
Key Highlights
- Commercial building built in 2003 with efficient, flexible floor plates
- Ample on‑site parking for customer and employee access
- Convenient east Vancouver location with quick access to Mill Plain Blvd and I‑205
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
$59,628
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
4.31%
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%
$1,192,560
$1.2M
Cap Rate 7%
$851,829
$851.8K
Cap Rate 9%
$662,533
$662.5K
Market Conditions
NOI Build-Up for 4,630 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
$85.6K $18.48/SF
− Vacancy
−$6.1K −$1.31/SF
EGI
$79.5K $17.17/SF
− OpEx
−$19.9K −$4.29/SF
NOI
$59.6K $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%
$1,192,560
Cap Rate 7%
$851,829
Cap Rate 9%
$662,533
Alternative Uses
Best Use
Office B
$851.8K
$745.4K – $993.8K
NOI $59,628 @ 7.0% cap · market cap 4.31%
Second Best
Healthcare Medical
$849.6K
$743.4K – $991.2K
NOI $59,474 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$1.13M
$991.2K – $1.32M
NOI $79,298 @ 7.0% cap · market cap 5.73%
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
1,361
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
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Frequently Asked Questions
What type of property is this?
Office building - Efficient floor plate and ample on-site parking support professional and medical operations with easy customer access.
Where is this office building located?
The property is located at 606 SE 117th Ave Ste 100 Vancouver, WA.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: Commercial building built in 2003 with efficient, flexible floor plates; Ample on‑site parking for customer and employee access; Convenient east Vancouver location with quick access to Mill Plain Blvd and I‑205
