1014 Main St Downtown Vancouver, WA 1014 Main St Terrain commercial | À louer | 0,23 ha | Vancouver, WA 98660

The subject is in an established area of Vancouver. Residential uses include older single-family development off the main thoroughfares and a significant amount of newer multi-family development in the downtown Vancouver area. The subject has a good location with respect to commercial services, thoroughfares, public transportation, and community services. Condition and appeal of the area is generally good. The area is anticipated to experience moderate growth in the foreseeable future. The growth in the immediate area is expected to be focused specifically on the Vancouver Waterfront property over time, which is located in close proximity to the tunnels at Esther and Grant Streets, connecting the Esther Short Park area with the Vancouver Waterfront. Permitted uses of the subject’s City Center (CX) zoning were listed in the Zoning Analysis section and include a mix of residential (multi-family) and commercial (retail and office) uses. Regarding physical characteristics, the subject consists of three (3) tax parcels making up the majority of a full downtown block. The subject property is, therefore, an irregular-shaped parcel, with effectively level topography at the street grade of West 11th, Washington Street, Main Street, and West Evergreen Boulevard. The subject property has good access and good/excellent exposure. The subject property has frontage on four streets, West 11th Street, Washington Street, Main Street, and West Evergreen Boulevard. With regard to the maximally productive use, the anticipated development of the subject parcel will likely be some type of a mixed-use site, to include not only offices and apartments, but possibly also some ground floor retail/service, and also some type of parking structure. However, based on interviews with local developers, the ultimate financial feasibility of a project is dependent on the mix of uses constructed and their ability to generate adequate rent levels, balanced with the construction costs for some type of parking structure, and this ultimate financial feasibility will dictate how much a developer is willing and able to spend on the site on which their project will be constructed. Any test of financial feasibility for a project constructed on the subject is obviously beyond the scope of work for this appraisal assignment but there have been numerous mixed-use developments in the downtown Vancouver area which either have been or are being constructed. Increased construction costs and the increased costs of borrowing money have made financial feasibility more challenging in recent years. The subject’s size and location in downtown Vancouver would cater towards some type of mixed-use development. Based on our observations of land development trends for sites with similar zoning and physical characteristics as the subject and analysis of current supply/demand trends, the highest and best use of the subject site as-vacant is mixed-use commercial.