Listed by Marcus & Millichap - Portland, Marcus & Millichap - Sacramento
$3,800,000
Hazel Dell Professional Building
Details
Property Type Office
Sub Type Creative Office
Square Footage 15,042
Cap Rate 7.50%
Occupancy 100%
Tenancy Multi
Pro-Forma NOI $285,800
Price per SqFt $253
Class A
Year Built 1978
Year Renovated 2018
Stories 2
Acreage 0.760
Zoning Commercial / Office
Parking Spaces 45 spaces
Parking Per SqFt 2.99
Investment Type Owner/User
Office | 7.50% CAP | 15,042 SqFt
Marketing description
Marcus & Millichap is pleased to present the Hazel Dell Professional Building, a 15,042 SF office asset in Vancouver, Washington. Originally built in 1978, the property underwent a comprehensive interior and exterior renovation in 2018 — producing a modern creative office environment with high-end finishes and immediate tenant appeal.
The asset is situated on 0.76 acres in the Hazel Dell / Salmon Creek submarket, one of Vancouver's most supply-constrained commercial corridors with a vacancy rate of just 1.3%. Long-term technology tenants Evosus and Center Logic have operated from this location for an extended period, validating the building's desirability.
This offering is ideal for an owner-occupier, private investor, or 1031 exchange buyer seeking a quality asset in a market with rising rents and extremely limited competing supply.
Investment highlights
- Immediate full or partial owner occupancy — purpose-designed creative office space ready for a sophisticated operator or professional services firm
- Flexible phased occupancy strategy — occupy a portion from day one while collecting rent from existing tenants, phasing into full occupancy over time
- Build equity while controlling occupancy costs — own rather than lease in an increasingly landlord-favorable market
- SBA 504 eligible — as low as 10% down for qualified owner-occupiers with long-term fixed-rate financing
- Full 2018 renovation — comprehensive capital program producing a like-new creative office product
- Premium finishes throughout — reclaimed wood, glass partitions, designer lighting, architectural entry canopy
- Parking lot update Summer 2026 — reseal and stripe scheduled, further enhancing property presentation at closing
- Full-building electronic access control — key-card systems on all interior and exterior points
- Direct I-5 access in under 5 minutes — northbound and southbound on-ramps serving all of SW Washington and the Portland metro
- High-visibility arterial frontage on Hazel Dell Avenue, a primary commercial corridor serving a dense residential and employment base
- Walkable retail and dining amenities — restaurants, services, and retail directly supporting employee recruitment and retention
- Washington state tax advantage — no personal state income tax, a meaningful financial benefit for business owners relocating from Oregon
- 7.50% market cap rate — strong stabilized yield for an improved, well-located office asset in this corridor
- Priced at $253/SF — below replacement cost for a like-improved creative office in SW Washington
- 1031 exchange eligible — ideal repositioning asset for investors seeking capital gains deferral in a growth market
- Evosus — established technology company with long-term headquarters presence at this location
- Center Logic — second established co-tenant reinforcing the building's technology campus identity
- Proven demand validation — sustained tenant occupancy in a 1.3% vacancy market confirms the product's competitive superiority
Listing Contacts
Listed by Marcus & Millichap - Portland, Marcus & Millichap - Sacramento
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