Multi-Building Warehouse & Flex
For Sale
$2,900,000
Pending
642 Commerce Ave, Longview, WA 98632
Package includes three warehouses and a 8,000-SF flex building with showroom, multiple entrances, and grade-level doors.
Property Size23,732 SF
Lot Size2.67 Acres
Days on Market345
Property Features for 642 Commerce Ave
General Information
Standard status
Pending
Size
23,732 SF
Lot size
2.67 Acres
Zoning
mixed-use commercial/industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$12,249
Listing Agency:
Woodford Commercial RE
(360) 501-5500
Listed By:
Chris Roewe · License #23495
(360) 501-5500
Source:
Exprealty
Added: Sep 13, 2025
Changed: Aug 23
Last Checked: Jul 27 at 2:56PM
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 Woodford Commercial RE
Investment Insights
Based on property information with market context.
This hard-corner warehouse building package includes multiple structures across two parcels totaling 2.67 acres. Rentable space totals 20,540 SF and features three warehouses, plus a 3-sided storage building totaling 3,192 SF. The front building provides 8,000 SF of flex space designed for retail or industrial use and currently includes a showroom. Additional warehouse buildings measure 7,144 SF and 5,100 SF, and each is equipped with grade-level doors. Tall ceiling heights and private offices support both customer-facing and operational needs, complemented by large laydown areas of approximately 50,000+ SF and an oversized customer parking area.
The property is located in a high-traffic mixed-use corridor with multiple site entrances, just off I-5. It is zoned for mixed-use commercial/industrial.
Overall, the combination of flex and warehouse buildings, extensive laydown area, and multiple access points makes the site well-suited for an owner-user or an investor seeking an income-generating asset with additional room to expand.
The property is located in a high-traffic mixed-use corridor with multiple site entrances, just off I-5. It is zoned for mixed-use commercial/industrial.
Overall, the combination of flex and warehouse buildings, extensive laydown area, and multiple access points makes the site well-suited for an owner-user or an investor seeking an income-generating asset with additional room to expand.
Key Highlights
- Three‑warehouse package plus 8,000 SF flex building, built in 1924
- Total site spans 2.67 acres across two parcels with multiple site entrances
- Warehouses provide 20,540 SF total: 8,000 SF flex/showroom plus 7,144 SF and 5,100 SF warehouses
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
$239,291
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
8.25%
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%
$4,785,820
$4.8M
Cap Rate 7%
$3,418,443
$3.4M
Cap Rate 9%
$2,658,789
$2.7M
Market Conditions
NOI Build-Up for 23,732 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
$395.8K $16.68/SF
− Vacancy
−$27.7K −$1.17/SF
EGI
$368.1K $15.51/SF
− OpEx
−$128.8K −$5.43/SF
NOI
$239.3K $10.08/SF
Area
Cowlitz County, WA
Vacancy
7.00%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
35.00%
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%
$4,785,820
Cap Rate 7%
$3,418,443
Cap Rate 9%
$2,658,789
Alternative Uses
Best Use
Retail
$4.09M
$3.58M – $4.77M
NOI $286,464 @ 7.0% cap · market cap 9.88%
Second Best
Warehouse
$3.83M
$3.35M – $4.46M
NOI $267,895 @ 7.0% cap · market cap 9.24%
Theoretical Best
Office A
$7.82M
$6.84M – $9.12M
NOI $547,332 @ 7.0% cap · market cap 18.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,500
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98632, WA
50,721
Population
21,787
Households
2.3
Avg Household Size
41
Median Age
16%
College-Educated
90%
High-School Grad
121.4 sq mi
ZIP Area
418
Density / Sq Mi
$64,705
Median Household Income
$40,928
Median Earnings
$1,142
Median Rent
$355,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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- Lynn's Catering & More — 1133 14th Ave, Longview, WA 98632
Frequently Asked Questions
What type of property is this?
Flex space - Package includes three warehouses and a 8,000-SF flex building with showroom, multiple entrances, and grade-level doors.
Where is this flex space located?
The property is located at 642 Commerce Ave Longview, WA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Three‑warehouse package plus 8,000 SF flex building, built in 1924; Total site spans 2.67 acres across two parcels with multiple site entrances; Warehouses provide 20,540 SF total: 8,000 SF flex/showroom plus 7,144 SF and 5,100 SF warehouses
