Updated Four-Unit Residential
For Sale
$1,100,000
3007 E 33RD St, Vancouver, WA 98661
MultiFamily, Vancouver, WA
Property Size3,120 SF
Lot Size0.23 Acres
Price / SF$352.56
Days on Market92
Property Features for 3007 E 33RD St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-9
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bathroom 3, Bedroom 4, Bedroom 8, Bathroom 4, Bedroom 6, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 3, Bathroom 1, Bedroom 2
Middle school
Discovery
High school
Hudsons Bay
Directions
E Fourth Plain Blvd - North Watson Ave - Left E 33rd St
Subdivision
_12
Standard status
Active
APN
028730000
Size
3,120 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
CUNNINGHAM ADDN LOTS 1 & 2 BLK 2 FOR ASSESSOR USE ONLY CUNNINGHAM
Tax Annual Amount
5892
Legal Description
CUNNINGHAM ADDN LOTS 1 & 2 BLK 2 FOR ASSESSOR USE ONLY CUNNINGHAM
Utilities
Heating system
Baseboard
Building Details
Year built
1972
Floors in Building
1
Number of units
4
Roof type
Composition
Listing Agency:
Redfin
(360) 558-3945
Listed By:
Frederick Sanchez
(360) 680-1462
Added: Jun 18
Changed: Sep 13
Last Checked: Sep 17 at 3:06PM
MLS# 617049718
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 four-unit residential property occupies a single tax lot and provides approximately 3,120 square feet across four apartments. Each unit measures approximately 780 square feet and includes a living room, two bedrooms, one full bathroom, a kitchen with an eating area, and a laundry closet with washer and dryer hookups. Kitchens include electric ranges, range hoods, and refrigerators. Interior improvements include refreshed kitchens and updated flooring, with laminate hardwood, laminate, vinyl, and carpet finishes used throughout the units.
The corner-lot property is located at 3007 and 3009 E 33rd St and 3213 and 3215 Drummond Ave in Vancouver, WA. Public water and sewer serve the property. Each unit uses electric utilities, electric hot water heaters, and baseboard heating. The building was constructed in 1972, has a composition roof with gutters installed around 2017, and is zoned R-9.
The corner-lot property is located at 3007 and 3009 E 33rd St and 3213 and 3215 Drummond Ave in Vancouver, WA. Public water and sewer serve the property. Each unit uses electric utilities, electric hot water heaters, and baseboard heating. The building was constructed in 1972, has a composition roof with gutters installed around 2017, and is zoned R-9.
Key Highlights
- Four residential units on a single tax lot
- Approximately 3,120 square feet on a 0.23‑acre lot
- Each unit offers approximately 780 square feet with two bedrooms and one full bathroom
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
$41,688
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
3.79%
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%
$833,760
$833.8K
Cap Rate 7%
$595,543
$595.5K
Cap Rate 9%
$463,200
$463.2K
Market Conditions
NOI Build-Up for 3,120 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
$62.5K $20.04/SF
− Vacancy
−$3.0K −$0.95/SF
EGI
$59.6K $19.09/SF
− OpEx
−$17.9K −$5.73/SF
NOI
$41.7K $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%
$833,760
Cap Rate 7%
$595,543
Cap Rate 9%
$463,200
Alternative Uses
Best Use
Multifamily LT 5
$595.5K
$521.1K – $694.8K
NOI $41,688 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$517.0K
$452.4K – $603.2K
NOI $36,190 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$763.4K
$668.0K – $890.6K
NOI $53,436 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 98661, WA
48,983
Population
22,291
Households
2.2
Avg Household Size
36
Median Age
27%
College-Educated
89%
High-School Grad
10.9 sq mi
ZIP Area
4,494
Density / Sq Mi
$75,037
Median Household Income
$43,920
Median Earnings
$1,440
Median Rent
$424,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Corner-lot quadplex with four two-bedroom units, updated interiors, and individual laundry hookups.
Where is this quadplex located?
The property is located at 3007 E 33RD St Vancouver, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four residential units on a single tax lot; Approximately 3,120 square feet on a 0.23‑acre lot; Each unit offers approximately 780 square feet with two bedrooms and one full bathroom
