3506 MAIN ST, Vancouver, WA 98663

Property Description

Located in the heart of downtown Vancouver, Washington, this property offers a rare combination of stable in-place income and significant redevelopment upside. Currently operating as a fully leased 3,514 SF office building, the site is already permitted (2023/2024) for a 9-unit apartment project with 3,548 SF of ground-floor commercial space. The heavy lifting of entitlement has been done. Recent building code updates have removed unit count limitations on the site, opening the door for a buyer to expand well beyond the original scope. Using the existing approved plans as a foundation, a new owner could feasibly add 13 or more units, dramatically increasing density and long-term value without starting the entitlement process from scratch.This is a unique window for developers and investors: acquire a cash-flowing asset in a walkable, high-demand downtown core, hold or lease through the interim period, and capitalize on a codified upside that didn't exist when the original plans were drawn. Few opportunities offer this level of built-in optionality — permitted, de-risked, and primed for a density play most sites can't touch. Whether you're looking to execute the current 9-unit + commercial plan or maximize returns with an expanded unit count, this downtown Vancouver property is ready for its next chapter.