Two-Story Multi-Tenant Office
New
For Sale
$1,700,000
6407 NE 117TH AVE # B, Vancouver, WA 98662
CC zoning supports a flexible professional office configuration with paved on-site parking.
Property Size10,000 SF
Price / SF$170
Days on Market2
Property Features for 6407 NE 117TH AVE # B
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
44
Property subtype
Commercial
Zoning
CC
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$15,880
Amenities
fully fenced
security
grade height loading door
Electricity,Gas
PublicWater
44.0
0.65
1
SecuritySystem
OnSite,Paved
Paved
28314
10000.0
AtGradeLevel
Building Details
Building Size
10,000 SF
Year Built
1989
Year Renovated
2012
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Windermere RE Whatcom, Inc.
(360) 693-6139
Listed By:
Carl Oman
(360) 798-6888
Source:
Premierepropertygroup
Added: Sep 1
Last Checked: Sep 1 at 10:09PM
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 Windermere RE Whatcom, Inc.
Investment Insights
Based on property information with market context.
This two-story office property contains 10,000 SF arranged across 21 office spaces and an open bullpen, providing a varied layout for multiple occupants. The building is configured for multi-tenant use and includes one grade-height loading door, electricity, gas, and public water. A 2012 renovation included the roof, and the property has been maintained in good condition. The site is fully fenced and includes a security system.
Located on NE 117th Avenue, the property benefits from reported traffic of 35,000 vehicles per day and sits approximately 1 mile from the intersection of I-205 and WA-500. Paved on-site parking serves occupants, while CC zoning supports a range of professional applications, including medical, finance, and distribution uses identified in the property information.
Located on NE 117th Avenue, the property benefits from reported traffic of 35,000 vehicles per day and sits approximately 1 mile from the intersection of I-205 and WA-500. Paved on-site parking serves occupants, while CC zoning supports a range of professional applications, including medical, finance, and distribution uses identified in the property information.
Key Highlights
- 10,000 SF multi‑tenant office building with 21 office spaces and an open bullpen
- Two‑story layout with spacious executive office suites
- 2012 renovation included the roof
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
$128,787
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
7.58%
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%
$2,575,740
$2.6M
Cap Rate 7%
$1,839,814
$1.8M
Cap Rate 9%
$1,430,967
$1.4M
Market Conditions
NOI Build-Up for 10,000 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
$184.8K $18.48/SF
− Vacancy
−$13.1K −$1.31/SF
EGI
$171.7K $17.17/SF
− OpEx
−$42.9K −$4.29/SF
NOI
$128.8K $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%
$2,575,740
Cap Rate 7%
$1,839,814
Cap Rate 9%
$1,430,967
Alternative Uses
Best Use
Office B
$1.84M
$1.61M – $2.15M
NOI $128,787 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.45M
$2.14M – $2.85M
NOI $171,270 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 98662, WA
37,134
Population
14,609
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
13.0 sq mi
ZIP Area
2,856
Density / Sq Mi
$91,883
Median Household Income
$45,847
Median Earnings
$1,685
Median Rent
$424,200
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 zoning supports a flexible professional office configuration with paved on-site parking.
Where is this office building located?
The property is located at 6407 NE 117TH AVE # B Vancouver, WA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 10,000 SF multi‑tenant office building with 21 office spaces and an open bullpen; Two‑story layout with spacious executive office suites; 2012 renovation included the roof
