5131 94th Ave 24, Vancouver, WA 98662-6183

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.