Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Klineline Center, a fully leased business center located in the heart of Vancouver, WA (Portland/Vancouver MSA). The property is 100% occupied, with three tenants recently signing long-term leases, and over 65% of the GLA leased by tenants who have been at the property for more than five years. The two largest tenants have over 30 years of occupancy. The tenants pay an average rent of $15.39/SF Gross, with market rents achievable in the $18 – $20/SF Gross range, offering upside potential. Since 2020, the property has received over $100,000 in upgrades, including a new roof on the 11819 building, new HVAC units, parking lot seal coat, LED signage, and lighting. Seller financing is available at a 5.00% interest rate with 30% down for a 3-year term, providing a 10.00% cash-on-cash return. Klineline Center is strategically located on NE Hwy 99, which sees over 17,500 vehicles per day, and is next to a successful grocery store, ensuring consistent customer traffic. Zoned GC (General Commercial), the property allows for numerous uses, including retail, office, light manufacturing, and multifamily. The 98686 zip code has seen over 16% population growth since 2011, with a projected 7.6% increase in the next five years within a 5-mile radius of the property. The Vancouver/Portland retail submarket has experienced 3.3% annual rent growth over the past five years, with a 4.5% vacancy rate as of Q4 2024. Washington State’s income tax-free status provides additional financial benefits to investors.