Two-Unit Duplex with
For Sale
$500,000
10101 NE Covington RD, Vancouver, WA 98662
Two separate residences offer private entry, individual kitchens, fireplaces, and shared outdoor amenities.
Property Size1,221 SF
Price / SF$409.50
Days on Market23
Property Features for 10101 NE Covington RD
General Information
Standard status
Active
Size
1,221 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
INSTANT SWEAT EQUITY with just a few touches
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
private backyard
covered patio
storage unit
fireplace
Building Details
Year Built
1964
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 966-4371
Listed By:
Realty Portland Team
(503) 966-4371
Source:
Realtyportland
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 29 at 3:55PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This duplex contains two distinct residences, each arranged with two bedrooms, one bathroom, a full kitchen, and a fireplace. Separate entrances provide functional privacy between the units. The property also includes hardwood flooring, midcentury design elements, and a newer roof.
Outdoor features include a private backyard with a covered patio, storage unit, and gated access for rear parking. An oversized two-car garage and driveway provide additional parking capacity. The property is located at 10101 NE Covington RD in Vancouver, Washington, and was built in 1964.
Outdoor features include a private backyard with a covered patio, storage unit, and gated access for rear parking. An oversized two-car garage and driveway provide additional parking capacity. The property is located at 10101 NE Covington RD in Vancouver, Washington, and was built in 1964.
Key Highlights
- Two units, each with 2 bedrooms, 1 bathroom, a full kitchen, and a fireplace
- Separate entrances serve the two residences
- Oversized 2‑car garage plus driveway 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
$16,315
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
3.26%
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%
$326,300
$326.3K
Cap Rate 7%
$233,071
$233.1K
Cap Rate 9%
$181,278
$181.3K
Market Conditions
NOI Build-Up for 1,221 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
$24.5K $20.04/SF
− Vacancy
−$1.2K −$0.95/SF
EGI
$23.3K $19.09/SF
− OpEx
−$7.0K −$5.73/SF
NOI
$16.3K $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%
$326,300
Cap Rate 7%
$233,071
Cap Rate 9%
$181,278
Alternative Uses
Best Use
Multifamily LT 5
$233.1K
$203.9K – $271.9K
NOI $16,315 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$202.3K
$177.0K – $236.1K
NOI $14,163 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$298.7K
$261.4K – $348.5K
NOI $20,912 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 98662, WA
37,134
Population
14,609
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
13.0 sq mi
ZIP Area
2,856
Density / Sq Mi
$91,883
Median Household Income
$45,847
Median Earnings
$1,685
Median Rent
$424,200
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 separate residences offer private entry, individual kitchens, fireplaces, and shared outdoor amenities.
Where is this duplex located?
The property is located at 10101 NE Covington RD Vancouver, WA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms, 1 bathroom, a full kitchen, and a fireplace; Separate entrances serve the two residences; Oversized 2‑car garage plus driveway parking
