Updated Duplex with Attached
For Sale
$835,000
1606 SE 145TH Ct, Vancouver, WA 98683
MultiFamily, Vancouver, WA
Property Size2,910 SF
Lot Size0.24 Acres
Price / SF$286.94
Days on Market25
Property Features for 1606 SE 145TH Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-9
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bathroom 1, Bathroom 5, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bathroom 6, Bedroom 2, Bathroom 2
Elementary school
Crestline
Middle school
Wy East
High school
Mountain View
Directions
McGillivray, SE 145th Ct.
Subdivision
_24
Standard status
Active
APN
110539258
Size
2,910 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
MCGILLIVRAY HIGHLANDS #2 LOT 66 FOR ASSESSOR USE ONLY MCGILLIVRAY
Tax Annual Amount
6462
Legal Description
MCGILLIVRAY HIGHLANDS #2 LOT 66 FOR ASSESSOR USE ONLY MCGILLIVRAY
Utilities
Heating system
Zoned
Building Details
Year built
1980
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Premiere Property Group, LLC
(360) 693-6139
Listed By:
Jeff Moe · License #201226258
(503) 888-5393
Added: Aug 13
Changed: Sep 4
Last Checked: Sep 6 at 6:06AM
MLS# 493459138
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,910 square feet across two three-bedroom, two-and-a-half-bath units. Each residence includes an attached two-car garage, while interior improvements include renovated bathrooms and updated finishes. The property was built in 1980 and has zoned heating and a composition roof.
Set on a 0.24-acre parcel at the end of a cul-de-sac, the property is near schools, shopping, and major highway access. R-9 zoning is identified for the site. The two-unit configuration provides separate residences with matching bedroom and bathroom counts.
Set on a 0.24-acre parcel at the end of a cul-de-sac, the property is near schools, shopping, and major highway access. R-9 zoning is identified for the site. The two-unit configuration provides separate residences with matching bedroom and bathroom counts.
Key Highlights
- 2,910‑square‑foot duplex with two 3 BD / 2.5 BA units
- Each unit includes an attached 2‑car garage
- Renovated bathrooms and updated interiors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,882
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$777,640
$777.6K
Cap Rate 7%
$555,457
$555.5K
Cap Rate 9%
$432,022
$432.0K
Market Conditions
NOI Build-Up for 2,910 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.3K $20.04/SF
− Vacancy
−$2.8K −$0.95/SF
EGI
$55.5K $19.09/SF
− OpEx
−$16.7K −$5.73/SF
NOI
$38.9K $13.36/SF
Area
Vancouver, WA
Vacancy
4.75%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$777,640
Cap Rate 7%
$555,457
Cap Rate 9%
$432,022
Alternative Uses
Best Use
Multifamily LT 5
$555.5K
$486.0K – $648.0K
NOI $38,882 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$482.2K
$421.9K – $562.6K
NOI $33,755 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$712.0K
$623.0K – $830.7K
NOI $49,840 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Explore this area
Business Placement
Demographics for 98683, WA
33,884
Population
14,352
Households
2.4
Avg Household Size
42
Median Age
42%
College-Educated
94%
High-School Grad
7.3 sq mi
ZIP Area
4,642
Density / Sq Mi
$83,821
Median Household Income
$47,862
Median Earnings
$1,783
Median Rent
$501,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two renovated units offer three-bedroom layouts, private garages, and access to schools, shopping, and major highways.
Where is this duplex located?
The property is located at 1606 SE 145TH Ct Vancouver, WA.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: 2,910‑square‑foot duplex with two 3 BD / 2.5 BA units; Each unit includes an attached 2‑car garage; Renovated bathrooms and updated interiors
