Updated Duplex with Off-Street
For Sale
$600,000
3709 M St, Vancouver, WA 98663
MultiFamily, Vancouver, WA
Property Size1,724 SF
Lot Size0.13 Acres
Price / SF$348.03
Days on Market118
Property Features for 3709 M St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-9
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 1
Elementary school
Washington
Middle school
Discovery
High school
Hudsons Bay
Directions
From P St, Turn West on E. 37th St. Turn North on M St. Duplex on the right.
Subdivision
_12
Standard status
Active
APN
019120000
Size
1,724 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
LAYS SUB DIV LOT 15 BLK 11 FOR ASSESSOR USE ONLY LAYS SUB DIV LOT
Tax Annual Amount
4197
Legal Description
LAYS SUB DIV LOT 15 BLK 11 FOR ASSESSOR USE ONLY LAYS SUB DIV LOT
Utilities
Heating system
Forced Air
Building Details
Year built
1965
Floors in Building
1
Number of units
2
Listing Agency:
Keller Williams Realty
(360) 693-3336
Listed By:
Amy Asivido · License #25413
(360) 831-4290
Added: May 4
Changed: Aug 29
Last Checked: Aug 29 at 10:06PM
MLS# 710939001
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 two single-level units, each arranged with 2 bedrooms and 1 bathroom. The 1,724-square-foot property sits on 0.13 acres and was built in 1965. Unit improvements include hard-surface flooring, interior paint, plumbing work, select newer appliances, refrigerators, and washer/dryer hookups. Heating is provided by forced air, and the property is zoned R-9.
Four dedicated off-street parking spaces are located behind the building, with additional parking available in front. The property is near I-5, Clark College, downtown employment centers, restaurants, and shopping. Two electrical panels were replaced in May 2023. The adjacent duplex at 3713 M St. is also identified as a potential acquisition, which could provide four units across the two neighboring properties.
Four dedicated off-street parking spaces are located behind the building, with additional parking available in front. The property is near I-5, Clark College, downtown employment centers, restaurants, and shopping. Two electrical panels were replaced in May 2023. The adjacent duplex at 3713 M St. is also identified as a potential acquisition, which could provide four units across the two neighboring properties.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per residence
- 1,724 square feet on a 0.13‑acre lot; built in 1965
- Four dedicated off‑street parking spaces behind the building, plus additional front parking
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
$23,036
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
3.84%
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%
$460,720
$460.7K
Cap Rate 7%
$329,086
$329.1K
Cap Rate 9%
$255,956
$256.0K
Market Conditions
NOI Build-Up for 1,724 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
$34.5K $20.04/SF
− Vacancy
−$1.6K −$0.95/SF
EGI
$32.9K $19.09/SF
− OpEx
−$9.9K −$5.73/SF
NOI
$23.0K $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%
$460,720
Cap Rate 7%
$329,086
Cap Rate 9%
$255,956
Alternative Uses
Best Use
Multifamily LT 5
$329.1K
$288.0K – $383.9K
NOI $23,036 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$285.7K
$250.0K – $333.3K
NOI $19,998 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$421.8K
$369.1K – $492.1K
NOI $29,527 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 98663, WA
15,188
Population
6,753
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,704
Density / Sq Mi
$84,590
Median Household Income
$47,747
Median Earnings
$1,538
Median Rent
$430,900
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 single-level residences feature practical layouts, refreshed finishes, and access to dedicated parking behind the building.
Where is this duplex located?
The property is located at 3709 M St Vancouver, WA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per residence; 1,724 square feet on a 0.13‑acre lot; built in 1965; Four dedicated off‑street parking spaces behind the building, plus additional front parking
