Two-Story Office
For Sale
$1,700,000
6407 NE 117TH Ave, Vancouver, WA 98662
CommercialSale, Vancouver, WA
Property Size10,000 SF
Lot Size0.65 Acres
Price / SF$170
Days on Market344
Property Features for 6407 NE 117TH Ave
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CC
Directions
South of NE 65th off 117th Ave
Subdivision
_21
Standard status
Active
APN
158429000
Size
10,000 SF
Lot size
0.65 Acres
Taxes and HOA fees
Tax Description
#99 JOHN BIRD DLC .65A FOR ASSESSOR USE ONLY TT IN BIRD DLC IN SW
Tax Annual Amount
15881
Legal Description
#99 JOHN BIRD DLC .65A FOR ASSESSOR USE ONLY TT IN BIRD DLC IN SW
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
fully fenced with security
one grade height loading door
Building Details
Year built
1989
Floors in Building
2
Building materials
Concrete, Stucco, WoodFrame
Roof type
Flat, Membrane
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Bradley King · License #201235429
(503) 313-8262
Added: Sep 24, 2025
Changed: Aug 31
Last Checked: Sep 2 at 6:06PM
MLS# 146365334
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 two-story office property contains 10,000 square feet of space arranged across 21 office areas and an open bullpen. The multi-tenant configuration offers a range of suite sizes, while a grade-level loading door adds functional support for building operations. The property was substantially remodeled in 2012, including the roof, and includes concrete, stucco, and wood-frame construction with forced-air heating, central air, and a flat membrane roof. The site encompasses 0.65 acres and is fully fenced with security features.
Positioned on NE 117th Avenue, the property records approximately 35,000 vehicles per day and sits about 1 mile from the I-205 and WA-500 intersection. CC zoning and the existing office layout support professional office applications, with the source information specifically identifying medical, finance, and distribution uses as possibilities.
Positioned on NE 117th Avenue, the property records approximately 35,000 vehicles per day and sits about 1 mile from the I-205 and WA-500 intersection. CC zoning and the existing office layout support professional office applications, with the source information specifically identifying medical, finance, and distribution uses as possibilities.
Key Highlights
- 10,000 SF multi‑tenant office building with 21 office spaces and an open bullpen
- Substantial 2012 remodeling included the roof
- One grade‑height loading door
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 - Multi-tenant office property with flexible suites, bullpen space, CC zoning, and a fenced site with security features.
Where is this office building located?
The property is located at 6407 NE 117TH Ave 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; Substantial 2012 remodeling included the roof; One grade‑height loading door
