4-Unit Quadplex with Two
For Sale
$824,900
113 Se 98th Ave SE, Vancouver, WA 98664
Occupied residential income property with refreshed exteriors and convenient access to major routes, shopping, dining, and daily services.
Property Size3,312 SF
Price / SF$249.06
Days on Market15
Property Features for 113 Se 98th Ave SE
General Information
Standard status
Active
Size
3,312 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1960
Buildings
2
Listing Agency:
Realty ONE Group Pacifica
(360) 936-8230
Listed By:
Katherine Sater
Source:
Portlandoregonhomelistings
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 30 at 5:53PM
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 Realty ONE Group Pacifica
Investment Insights
Based on property information with market context.
This 1960-built quadplex comprises two duplex buildings with four residential units, totaling 8 bedrooms and 4 bathrooms. Every unit is occupied, providing an established tenant base and ongoing rental income. The exterior has been recently painted, giving the buildings a refreshed appearance.
The property is located in East Vancouver near SE Mill Plain Boulevard, with access to I-205 and SR-14. Shopping, restaurants, grocery stores, and other everyday amenities are located nearby.
The property is located in East Vancouver near SE Mill Plain Boulevard, with access to I-205 and SR-14. Shopping, restaurants, grocery stores, and other everyday amenities are located nearby.
Key Highlights
- Four‑unit property arranged as two duplex buildings
- 8 bedrooms and 4 bathrooms in total
- All units currently occupied by established tenants
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
$44,254
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
5.36%
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%
$885,080
$885.1K
Cap Rate 7%
$632,200
$632.2K
Cap Rate 9%
$491,711
$491.7K
Market Conditions
NOI Build-Up for 3,312 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
$66.4K $20.04/SF
− Vacancy
−$3.2K −$0.95/SF
EGI
$63.2K $19.09/SF
− OpEx
−$19.0K −$5.73/SF
NOI
$44.3K $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%
$885,080
Cap Rate 7%
$632,200
Cap Rate 9%
$491,711
Alternative Uses
Best Use
Multifamily LT 5
$632.2K
$553.2K – $737.6K
NOI $44,254 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$548.8K
$480.2K – $640.3K
NOI $38,418 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$810.4K
$709.1K – $945.4K
NOI $56,725 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Explore this area
Business Placement
Demographics for 98664, WA
24,120
Population
9,656
Households
2.5
Avg Household Size
40
Median Age
34%
College-Educated
95%
High-School Grad
5.2 sq mi
ZIP Area
4,638
Density / Sq Mi
$81,697
Median Household Income
$46,754
Median Earnings
$1,670
Median Rent
$442,300
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?
Quadplex - Occupied residential income property with refreshed exteriors and convenient access to major routes, shopping, dining, and daily services.
Where is this quadplex located?
The property is located at 113 Se 98th Ave SE Vancouver, WA.
What is the asking price?
The asking price for this property is $824,900.
What are key features of this property?
This property features: Four‑unit property arranged as two duplex buildings; 8 bedrooms and 4 bathrooms in total; All units currently occupied by established tenants
