Two-Building Flex
For Sale
$5,500,000
8014 NE 13th Ave, Vancouver, WA 98665
Commercial complex combines retail, office, and adaptable space with a garage door.
Property Size21,400 SF
Days on Market154
Property Features for 8014 NE 13th Ave
General Information
Standard status
Active
Size
21,400 SF
Property subtype
Commercial
Zoning
GC
Additional Details
Highway Access
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$29,747
Building Details
Building Size
21,400 SF
Year Built
2010
Buildings
2
Listing Agency:
Windermere Northwest Living
(360) 921-1397
Listed By:
Mike Lamb
(360) 921-1397
Source:
Metanars
Added: Mar 30
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 Northwest Living
Investment Insights
Based on property information with market context.
This flex property includes two separate commercial buildings. The west building contains 10,200 square feet and was constructed in 2010 for retail use. The east building has two levels of 5,600 square feet each, creating a combination of office and additional commercial space. The lower level is leased to an office user and includes a garage door. The upper level is occupied by the owner and was previously used as a data center; the space is heated by the owner's equipment.
The property is positioned off Hwy 99 near the 78th Street interchange in Vancouver. GC zoning supports its commercial classification, while the existing mix of retail, office, and flexible areas provides multiple functional configurations within the two-building layout.
The property is positioned off Hwy 99 near the 78th Street interchange in Vancouver. GC zoning supports its commercial classification, while the existing mix of retail, office, and flexible areas provides multiple functional configurations within the two-building layout.
Key Highlights
- Two‑building commercial property with retail, office, and flexible space
- 10,200‑square‑foot retail building constructed in 2010
- East building includes two levels of 5,600 square feet each
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
$275,604
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
5.01%
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%
$5,512,080
$5.5M
Cap Rate 7%
$3,937,200
$3.9M
Cap Rate 9%
$3,062,267
$3.1M
Market Conditions
NOI Build-Up for 21,400 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
$395.5K $18.48/SF
− Vacancy
−$28.0K −$1.31/SF
EGI
$367.5K $17.17/SF
− OpEx
−$91.9K −$4.29/SF
NOI
$275.6K $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%
$5,512,080
Cap Rate 7%
$3,937,200
Cap Rate 9%
$3,062,267
Alternative Uses
Best Use
Office B
$3.94M
$3.45M – $4.59M
NOI $275,604 @ 7.0% cap · market cap 5.01%
Second Best
Retail
$3.61M
$3.16M – $4.21M
NOI $252,653 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$5.24M
$4.58M – $6.11M
NOI $366,518 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,473
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98665, WA
28,780
Population
11,894
Households
2.4
Avg Household Size
38
Median Age
29%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,889
Density / Sq Mi
$83,750
Median Household Income
$46,000
Median Earnings
$1,678
Median Rent
$447,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Truck to Table Catering — 7202 NE Hwy 99, Vancouver, WA 98665
Frequently Asked Questions
What type of property is this?
Flex space - Commercial complex combines retail, office, and adaptable space with a garage door.
Where is this flex space located?
The property is located at 8014 NE 13th Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Two‑building commercial property with retail, office, and flexible space; 10,200‑square‑foot retail building constructed in 2010; East building includes two levels of 5,600 square feet each
