Vancouver Suburban Office Buildings For
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7500-7600 NE 41st Street, Vancouver, WA 98662
Two premier office buildings in Vancouver Mall submarket.
Property Size151,407 SF
Price / SF$159.22
Days on Market677
Property Features for 7500-7600 NE 41st Street
General Information
Standard status
Active
Size
151,407 SF
Class
A
Property subtype
Office
Occupancy
99%
Lease Type
Gross
Net Operating Income
$2,350,417
Building Details
Year Built
1989
Buildings
2
Stories
4
Tenancy
Multi
Listing Agency:
Macadam Forbes
Listed By:
Joe Kappler · License #OR 200605069
(503) 972-7294
Source:
Crexi
Added: Oct 26, 2024
Changed: Aug 21
Last Checked: Aug 28 at 6:58PM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
One and Two Park Place are two suburban office buildings featuring a contemporary brick and glass exterior, landscaping, a covered parking structure, roof-top satellite feeds, and extra capacity HVAC systems. Additional amenities include locker rooms with showers, high tech conference rooms, a covered outdoor patio, and upgraded interior finishes. Located within the Vancouver Mall office submarket, the site is adjacent to Heathman Lodge, The Staybridge Hotel, and Vancouver Mall. It is approximately 10 minutes from Portland International Airport. Nearby retail tenants include Chick-fil-A, AMC Theatre, Hobby Lobby, and Target. The Vancouver Mall office submarket consists of 890,000 square feet of space. The property size is 151407 square feet.
Key Highlights
- Premier suburban office buildings with contemporary brick and glass exterior and lush landscaping.
- Located in the Vancouver Mall office submarket, adjacent to Heathman Lodge, The Staybridge Hotel, and Vancouver Mall; inform 10 minutes from Portland International Airport.
- Strong submarket rent growth inform (8.8% over 3 years) exceeding the broader Portland market.
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
$1,949,927
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
8.09%
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%
$38,998,540
$39.0M
Cap Rate 7%
$27,856,100
$27.9M
Cap Rate 9%
$21,665,856
$21.7M
Market Conditions
NOI Build-Up for 151,407 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
$2.80M $18.48/SF
− Vacancy
−$198.1K −$1.31/SF
EGI
$2.60M $17.17/SF
− OpEx
−$650.0K −$4.29/SF
NOI
$1.95M $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%
$38,998,540
Cap Rate 7%
$27,856,100
Cap Rate 9%
$21,665,856
Alternative Uses
Best Use
Office B
$27.86M
$24.37M – $32.50M
NOI $1,949,927 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$37.05M
$32.41M – $43.22M
NOI $2,593,150 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,510
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
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Frequently Asked Questions
What type of property is this?
Office building - Two premier office buildings in Vancouver Mall submarket.
Where is this office building located?
The property is located at 7500-7600 NE 41st Street Vancouver, WA.
What is the asking price?
The asking price for this property is $24,107,000.
What are key features of this property?
This property features: Premier suburban office buildings with contemporary brick and glass exterior and lush landscaping.; Located in the Vancouver Mall office submarket, adjacent to Heathman Lodge, The Staybridge Hotel, and Vancouver Mall; inform 10 minutes from Portland International Airport.; Strong submarket rent growth inform (8.8% over 3 years) exceeding the broader Portland market.
