Flex Industrial Building with Fenced
For Sale
Contact for pricing
6511 E 18th St, Vancouver, WA 98661
Office and warehouse areas support flexible commercial operations on IL-zoned land with secured outdoor storage.
Property Size18,151 SF
Lot Size1.70 Acres
Price / SF$236.63
Days on Market155
Property Features for 6511 E 18th St
General Information
Standard status
Active
Size
18,151 SF
Net Rentable
18,151 SF
Class
C
Total Parking Spaces
21
Lot size
1.70 Acres
Property subtype
Industrial
Zoning
IL
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
7,664 SF
Office Build-Out
10,487 SF
Power
600 amps
Amenities
play structures
benches
walking paths
onsite billboard
Building Details
Year Built
1990
Stories
1
Listing Agency:
Fuller Group
(360) 597-0568
Listed By:
Adam Roselli · License #WA
Source:
Crexi
Added: Mar 29
Changed: Aug 30
Last Checked: Aug 30 at 12:23PM
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 flex industrial property at 6511 E 18th St in Vancouver combines 18,151 RSF of improvements with approximately 1.7 acres of IL-zoned land. The building includes 10,487 RSF of office area and 7,664 RSF of warehouse space, providing a balanced configuration for office and industrial operations. Roofs and HVAC units were replaced in 2019, and the property has 600 Amp electrical service.
The site is fully fenced and includes 21 gated parking stalls, additional street parking, and a secured yard for vehicle or material storage. Landscaping features play structures, benches, and walking paths. An onsite billboard generates revenue, and the property is adjacent to the Burnt Bridge Creek Trailhead.
The site is fully fenced and includes 21 gated parking stalls, additional street parking, and a secured yard for vehicle or material storage. Landscaping features play structures, benches, and walking paths. An onsite billboard generates revenue, and the property is adjacent to the Burnt Bridge Creek Trailhead.
Key Highlights
- 18,151 RSF building on approximately 1.7 acres of IL‑zoned land
- 10,487 RSF office area and 7,664 RSF warehouse area
- Roofs and HVAC units replaced in 2019
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
$233,762
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
5.44%
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%
$4,675,240
$4.7M
Cap Rate 7%
$3,339,457
$3.3M
Cap Rate 9%
$2,597,356
$2.6M
Market Conditions
NOI Build-Up for 18,151 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
$335.4K $18.48/SF
− Vacancy
−$23.7K −$1.31/SF
EGI
$311.7K $17.17/SF
− OpEx
−$77.9K −$4.29/SF
NOI
$233.8K $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%
$4,675,240
Cap Rate 7%
$3,339,457
Cap Rate 9%
$2,597,356
Alternative Uses
Best Use
Office B
$3.34M
$2.92M – $3.90M
NOI $233,762 @ 7.0% cap · market cap 5.44%
Second Best
Warehouse
$2.85M
$2.49M – $3.32M
NOI $199,152 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$4.44M
$3.89M – $5.18M
NOI $310,872 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98661, WA
48,983
Population
22,291
Households
2.2
Avg Household Size
36
Median Age
27%
College-Educated
89%
High-School Grad
10.9 sq mi
ZIP Area
4,494
Density / Sq Mi
$75,037
Median Household Income
$43,920
Median Earnings
$1,440
Median Rent
$424,700
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?
Flex space - Office and warehouse areas support flexible commercial operations on IL-zoned land with secured outdoor storage.
Where is this flex space located?
The property is located at 6511 E 18th St Vancouver, WA.
What is the asking price?
The asking price for this property is $4,295,000.
What are key features of this property?
This property features: 18,151 RSF building on approximately 1.7 acres of IL‑zoned land; 10,487 RSF office area and 7,664 RSF warehouse area; Roofs and HVAC units replaced in 2019
