Sportland Bldg | 1810 W 39th St
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Sportland Bldg 1810 W 39th St
69,558 SF Industrial Building Vancouver, WA 98660 $8,900,000 ($128/SF) 6.24% Cap Rate
Investment Highlights
- Strategically located in an infill location in the path of accelerating urban demand. Vancouver has proven attractive for business.
- With an active mill in East Vancouver along with occupying the neighboring property, WFP has made significant investment in the immediate area.
- The building features dock and grade level loading good site orientation allowing for circular truck traffic.
- With below market rates, the opportunity to mark to market new lease terms at lease renewal provide significant upside opportunity.
- The building was constructed in 1980 with good functionality for a number of potential uses.
Executive Summary
The property is located in Vancouver, WA one of the most sought after industrial submarkets due to the friendly business environment and lack of industrial product. This Class-B Industrial Building is 100% leased to Western Forest Products US, LLC, Canadian lumber
company based in Vancouver, British Columbia and publicly traded (TSX:WEF) on the Toronto Stock Exchange. With three (3) years remaining on the lease, the investment opportunity presents a stable, passive cash flow from a strong company with upside to mark to market lease rates upon lease expiration. The property consists of a 69,558 SF industrial facility built in 1980. The building features 5,000 SF of office space with over 64,558 SF of warehouse and production space. The building has functional building features including dock and grade loading, 20-23’ clear height, and free-standing nature.
company based in Vancouver, British Columbia and publicly traded (TSX:WEF) on the Toronto Stock Exchange. With three (3) years remaining on the lease, the investment opportunity presents a stable, passive cash flow from a strong company with upside to mark to market lease rates upon lease expiration. The property consists of a 69,558 SF industrial facility built in 1980. The building features 5,000 SF of office space with over 64,558 SF of warehouse and production space. The building has functional building features including dock and grade loading, 20-23’ clear height, and free-standing nature.
Property Facts
| Price | $8,900,000 | Rentable Building Area | 69,558 SF |
| Price Per SF | $128 | No. Stories | 1 |
| Sale Type | Investment | Year Built | 1980 |
| Cap Rate | 6.24% | Tenancy | Single |
| Property Type | Industrial | Parking Ratio | 0.36/1,000 SF |
| Property Subtype | Manufacturing | Clear Ceiling Height | 22 FT |
| Building Class | B | No. Dock-High Doors/Loading | 6 |
| Lot Size | 4.36 AC | No. Drive In / Grade-Level Doors | 2 |
| Price | $8,900,000 |
| Price Per SF | $128 |
| Sale Type | Investment |
| Cap Rate | 6.24% |
| Property Type | Industrial |
| Property Subtype | Manufacturing |
| Building Class | B |
| Lot Size | 4.36 AC |
| Rentable Building Area | 69,558 SF |
| No. Stories | 1 |
| Year Built | 1980 |
| Tenancy | Single |
| Parking Ratio | 0.36/1,000 SF |
| Clear Ceiling Height | 22 FT |
| No. Dock-High Doors/Loading | 6 |
| No. Drive In / Grade-Level Doors | 2 |
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PROPERTY TAXES
| Parcel Number | 000412-000 | Improvements Assessment | $4,621,485 |
| Land Assessment | $886,215 | Total Assessment | $5,507,700 |
PROPERTY TAXES
Parcel Number
000412-000
Land Assessment
$886,215
Improvements Assessment
$4,621,485
Total Assessment
$5,507,700
zoning
| Zoning Code | IL/ML |
| IL/ML |
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Sportland Bldg | 1810 W 39th St
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