5131 94th Ave, Unit 24 Vancouver, WA 98662-6183
Property profile & analytics
5131 94th Ave, Unit 24 Vancouver, WA 98662-6183
- Industrial properties
- 42,794 SF
- 2.36 lot acres
Property ID
US90-3357501
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Project Patch Administrative Office / Child Welfare Organization / Foster Care Service
- ADT Security Services / Security Service
- Pacific Rim Lab Supply / Production Facility
- Northwest Life Science Specialties, LLC / Corporate Office
- Project Patch Administrative Office, Northeast 94th Avenue, Vancouver, WA / Corporate Office
Property Details for 5131 94th Ave
- Year built
- 2000
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 2.36 lot acres
- Property size
- 42,794 SF
- Zone code
- CG : VAN
- Property type
- Industrial properties
- Property subtype
- Loft space
- 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.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $6,445,000
- 6.5%
- $5,950,000
- 7%
- $5,525,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Vancouver
- County
- Clark
- State
- Washington
- Longitude
- -122.576
- Latitude
- 45.6595
- CBSA code
- 38900
- CBSA name
- PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$42,838
$1,184,300
$3,305,400
$4,489,700
-
$1,184,300
$3,305,400
$4,489,700
