5131 94Th AveVancouver, WA 98661

For Sale
$7,425,000

Vancouver, WA Shopping Center, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
93
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.

Highlights

  • Value-add opportunity: 41,057 SF shopping center in Vancouver, WA, with a pro-forma 10.02% cap rate due to below-market rents; asking price $7,425,000.
  • 94% leased, 20-unit shopping center with strong occupancy history and staggered lease expirations.
  • Prime location adjacent to Vancouver Mall (5.9M+ annual visitors) and a major transit center (3.8M+ annual passengers).
  • Located in an affluent, high-growth submarket with over 285,000 residents within a 5-mile radius and average household incomes exceeding $105,000.
  • Professional management available.
  • Strong rent growth potential (2.21% annually) in a high barrier-to-entry market; current average rent $17/SF (MG), below market rate of $20-$24/SF (MG).

Property Details for 5131 94Th Ave

Property type
Lifestyle centers, Power centers
Square Feet
41,057 SF
Year Built
2000
Lot Size (sq. ft)
102,802 SF
Units
20

Location Insight

City
Vancouver
County
Clark
State
Washington
Latitude
45.65949471
Longitude
-122.5767977
5131 94Th Ave, Vancouver, Washington

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5131 94Th Ave
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