5131 94Th AveVancouver, WA 98661

Property Details for 5131 94Th Ave

Year built

2000

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.36 AC

Property size (Sq ft)

42,794 SF

Zone code

CG : VAN

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

159775-000

APU

159775000

Description

Velendo Plaza, a 41,057 square foot shopping center in Vancouver, Washington, presents a compelling value-add investment opportunity. This fee-simple property, built in 2000 and situated on a 2.36-acre lot (permitted zoning CC), boasts 100% occupancy with 19 tenants across 20 units. Currently generating a net operating income (NOI) of $593,318 and an 8.00% cap rate, the property offers significant upside potential. The asking price is $7,425,000. Located across from Vancouver Mall (over 5.9 million annual visitors) and adjacent to a major transit center (3,796,727 annual passengers), the property benefits from a high-traffic location within a densely populated area. The strong tenant base, with staggered lease expirations, provides a diversified income stream. Approximately 74% of the gross leasable area (GLA) is currently leased at an average rent of $17.00 per square foot (modified gross), significantly below market rates of $20-$24 per square foot (modified gross). This presents a substantial opportunity to increase rental income. The property's location within a 5-mile radius of over 285,000 residents with average household incomes exceeding $105,000 further enhances its investment appeal. The area has experienced significant population growth (over 16% within a 1-mile radius since 2011). The property features high-quality concrete block construction and is conveniently located near SR 500 and I-205 exits. All tenants are on modified gross leases, allowing for utility reimbursement. The opportunity exists to convert these leases to NNN leases and further increase profitability. This property offers a rare combination of strong current performance and significant future growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $14,574,712

  6.5%

  $13,453,580

  7%

  $12,492,610

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,773,966

  Geo Method

  $12,773,966

• Alternative Use

  Use

  Valuation

  Residential

  $13,453,580

  Hospitality

  $12,323,407

  Educational

  $10,252,930

  Medical

  $10,605,544

  Retail

  $15,949,003

Location Insight

City

Vancouver

County

Clark

State

Washington

Latitude

45.6595

Longitude

-122.576

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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