Vancouver's Hands-Off Investment Haven: Fully Leased 34,196 SF Multi-Tenant Center with 7.5% Cap Rate

Highlights:

• UPSIDE POTENTIAL - BELOW MARKET RENTS
• Total Space: 34,196 SF across two buildings with 21 fully occupied units
• Occupancy: 100% leased to 20 tenants, ensuring stable cash flow
• Tenant Mix: Diverse blend of retail, professional and personal services, and one Chinese restaurant
• Lease Structure: All NNN leases with below-market rents, providing upside potential
• Financials: $6,995,000 sale price, 7.5% cap rate, NOI of $524,625, with landlord expenses estimated at $125,000–$140,000 annually
• Lot Size: 2.29 acres with ample parking and excellent access
• Zoning: Commercial General, supporting a wide range of commercial uses
• Location Advantage: Prime position at SR-500 and Ehlen Rd exit for high traffic exposure
• Management: Under excellent ongoing management, positioning it as a low-maintenance investment

Description:

UPSIDE POTENTIAL - BELOW MARKET RENTS - ALL NNN LEASES - 100% OCCUPIED
The property at 5500-5501 NE 109th Ct in Vancouver, Washington, is a two-building, 34,196 square foot multi-tenant commercial general complex featuring 21 units occupied by 20 tenants. This fully leased asset is performing strongly, with all NNN leases offering below-market rents for significant upside potential. Priced at $6,995,000, it delivers a solid 7.5% capitalization rate, translating to a Net Operating Income (NOI) of $524,625 annually. Landlord expenses, including property management, common area maintenance, insurance, taxes, and reserves, are estimated at $125,000–$140,000 per year, with tenants covering additional NNN costs. Situated on a 2.29-acre lot with ample parking and excellent access, the tenant mix includes a healthy blend of retail, professional and personal services, and one Chinese restaurant, ensuring diversified income streams in a coveted location.

Sale Price: $6,995,000
Cap Rate: 7.5%
Total Space: 34,196 SF
NOI: $524,625 annually
Estimated Landlord Expenses: $125,000–$140,000 annually
Lot Size: 2.29 acres
Zoning: Commercial General

Positioned at the northwest intersection of Highway SR-500 and the Ehlen Rd exit in Vancouver, Washington, 5500-5501 NE 109th Ct benefits from high visibility and accessibility in a bustling commercial corridor. Vancouver, a thriving city in Clark County just across the Columbia River from Portland, Oregon, is known for its rapid growth and strategic location as a gateway to the Pacific Northwest. The property enjoys seamless connectivity to major transportation routes, including Interstate 5 and 205, attracting a steady flow of commuters, shoppers, and businesses. Surrounding the site are residential neighborhoods, industrial parks, and retail hubs, creating a dynamic environment for tenants and customers alike. Clark County offers a nimble business environment in one of the most cost competitive communities on the West Coast; providing an ample supply of development ready land, competitive lease rates, abundant clear water and some of the lowest utility rates in the U.S

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