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Listed by Keller Williams Realty • 360-931-1178
$ 989,000
Est. payment | /mo
0.28 Acres Lot
$ 989,000
Est. payment | /mo
0.28 Acres Lot
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 243213175
Year Built 1939
Annual Tax Amount $3,482
Lot Size 0.280 Acres
Property Description
Located in the heart of downtown Vancouver, Washington, this property offers a rare combination of stable in-place income and significant redevelopment upside. Currently operating as a fully leased 3,514 SF office building, the site is already permitted (2023/2024) for a 9-unit apartment project with 3,548 SF of ground-floor commercial space. The heavy lifting of entitlement has been done. Recent building code updates have removed unit count limitations on the site, opening the door for a buyer to expand well beyond the original scope. Using the existing approved plans as a foundation, a new owner could feasibly add 13 or more units, dramatically increasing density and long-term value without starting the entitlement process from scratch.This is a unique window for developers and investors: acquire a cash-flowing asset in a walkable, high-demand downtown core, hold or lease through the interim period, and capitalize on a codified upside that didn't exist when the original plans were drawn. Few opportunities offer this level of built-in optionality — permitted, de-risked, and primed for a density play most sites can't touch. Whether you're looking to execute the current 9-unit + commercial plan or maximize returns with an expanded unit count, this downtown Vancouver property is ready for its next chapter.
Location
State WA
County Clark
Area _11
Zoning R-22
Rooms
Basement Finished
Interior
Heating Forced Air
Cooling Central Air
Exterior
Roof Type Composition
Garage No
Building
Lot Description Corner Lot
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public Water
Schools
Elementary Schools Lincoln
Middle Schools Discovery
High Schools Hudsons Bay
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Nearby Locations
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