2105 C Street, Vancouver WA Flex Space

  • Type: Flex
  • Size: 14,000 SF
  • Location: Vancouver, WA
  • Year Built: 1956
  • Broker: Kevin Wingate-Pearse
  • Sale Price: $870,000

This property was being offered at the price the current buyer paid back in 2012 as a Bank owned REO. Advisor Kevin Wingate-Pearse brought this deal to an investor. The investor stated he would not buy it unless Kevin could find a tenant to occupy the space. The building is a 14,000 Sf Flex/office building in a residential district of Vancouver. There was a title restriction relative to the building operating hours from the Neighborhood association and about 40% was offered out for lease for at least the prior 24 months.

Kevin found a broker who had a tenant who would only lease with an option to buy, so together they put a 5 year lease together with an annual option to buy that increased annually. The option was subject to the buyer putting $20K per year for that years right to purchase. With the lease in place, the investor bought the building and the option was exercised 37.5 months later. The price escalated each year but was still below a market purchase, so it was a win win for both buyer and seller.