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Two Park Place. 7500 NE 41st St 83,745 SF 100% Leased Office Building Vancouver, WA 98662 $14,720,000 ($175.77/SF) 9.75% Cap Rate
Investment Highlights
- Two Park Place was originally built as a build-to-suit for Bonneville Power Administration.
- 2026 Budgeted NOI: $2,350,417
- Well maintained and professionally managed.
- Two Park Place is fully leased to Bonneville Power Administration, who recently extended its lease term.
- Weighted Average Lease Term (WALT) of approximately 3.54 years.
- One Park Place Roof replaced in October 2016 and comes with a 20 year warranty.
Executive Summary
One and Two Park Place are two of Vancouver's premier suburban office buildings. The buildings feature a beautiful contemporary brick and glass exterior, lush landscaping,
covered parking structure, roof-top satellite feeds, and extra capacity HVAC systems. Additional amenities include locker rooms with showers, high tech conference rooms, covered outdoor patio, and upgraded interior finishes.
The Buildings can be sold separately or together.
* One Park Place: $9,387,000 ($138.71/SF) - 80% Occupancy
* Two Park Place: $14,720,000 ($174.78/SF) - 99.4% Occupancy
* Portfolio Price: $24,107,000 (Blended $158/SF)
covered parking structure, roof-top satellite feeds, and extra capacity HVAC systems. Additional amenities include locker rooms with showers, high tech conference rooms, covered outdoor patio, and upgraded interior finishes.
The Buildings can be sold separately or together.
* One Park Place: $9,387,000 ($138.71/SF) - 80% Occupancy
* Two Park Place: $14,720,000 ($174.78/SF) - 99.4% Occupancy
* Portfolio Price: $24,107,000 (Blended $158/SF)
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
83,745 SF
Building Class
B
Year Built
2000
Price
$14,720,000
Price Per SF
$175.77
Cap Rate
9.75%
NOI
$1,435,200
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
20,936 SF
Building FAR
0.48
Lot Size
4.00 AC
Zoning
GC - Office Building
Parking
421 Spaces (5.03 Spaces per 1,000 SF Leased)
Amenities
- Conferencing Facility
- Restaurant
- Signage
- Air Conditioning
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Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 160456-000 | Improvements Assessment | $17,161,900 |
| Land Assessment | $2,464,400 | Total Assessment | $19,626,300 |
Property Taxes
Parcel Number
160456-000
Land Assessment
$2,464,400
Improvements Assessment
$17,161,900
Total Assessment
$19,626,300
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Matterport 3D Exterior
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