Vintage Duplex with Private
For Sale
$729,000
117 W 31st St, Vancouver, WA 98660
Two mirrored units feature hardwood floors, updated bathrooms, functional kitchens, and separate outdoor areas.
Property Size2,894 SF
Price / SF$251.90
Days on Market94
Property Features for 117 W 31st St
General Information
Standard status
Active
Size
2,894 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Cano Real Estate LLC
Listed By:
Nathan Cano admin@canorealestate.com
Source:
Portlandorhomelistings
Added: Jun 1
Changed: Sep 2
Last Checked: Sep 1 at 8:02PM
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 Cano Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1940, this 2894-square-foot duplex at 117 W 31st St, Vancouver, WA 98660 contains two mirrored units with distinct private access. Original character includes hardwood flooring, archways, built-in features, picture rails, and multi-pane French windows. Each residence has a main-level primary bedroom, remodeled bathroom, multiple closets, and a kitchen equipped with new refrigerators, substantial storage, and ample counter space.
The lower levels add a large non-conforming bedroom, walk-in closet, washer/dryer hookups, and storage for each unit. One basement is plumbed for a sink and toilet, while the other has an existing sink. Both units have private backyards with patio areas, alley access, and an electrically powered single-car garage. The property is near bus lines, schools, shopping, medical offices, restaurants, grocery stores, and Carter Park.
The lower levels add a large non-conforming bedroom, walk-in closet, washer/dryer hookups, and storage for each unit. One basement is plumbed for a sink and toilet, while the other has an existing sink. Both units have private backyards with patio areas, alley access, and an electrically powered single-car garage. The property is near bus lines, schools, shopping, medical offices, restaurants, grocery stores, and Carter Park.
Key Highlights
- Two‑unit duplex with 2894 square feet, built in 1940
- Hardwood floors, archways, built‑ins, picture rails, and French multi‑pane windows
- Each unit includes a main‑level primary bedroom and remodeled 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
$38,669
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
5.30%
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%
$773,380
$773.4K
Cap Rate 7%
$552,414
$552.4K
Cap Rate 9%
$429,656
$429.7K
Market Conditions
NOI Build-Up for 2,894 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
$58.0K $20.04/SF
− Vacancy
−$2.8K −$0.95/SF
EGI
$55.2K $19.09/SF
− OpEx
−$16.6K −$5.73/SF
NOI
$38.7K $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%
$773,380
Cap Rate 7%
$552,414
Cap Rate 9%
$429,656
Alternative Uses
Best Use
Multifamily LT 5
$552.4K
$483.4K – $644.5K
NOI $38,669 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$479.6K
$419.6K – $559.5K
NOI $33,569 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$708.1K
$619.6K – $826.1K
NOI $49,566 @ 7.0% cap · market cap 6.80%
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
1,414
Businesses Nearby
Explore this area
Business Placement
Demographics for 98660, WA
12,735
Population
7,048
Households
1.8
Avg Household Size
39
Median Age
38%
College-Educated
91%
High-School Grad
15.3 sq mi
ZIP Area
832
Density / Sq Mi
$65,147
Median Household Income
$51,895
Median Earnings
$1,408
Median Rent
$444,300
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?
Duplex - Two mirrored units feature hardwood floors, updated bathrooms, functional kitchens, and separate outdoor areas.
Where is this duplex located?
The property is located at 117 W 31st St Vancouver, WA.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Two‑unit duplex with 2894 square feet, built in 1940; Hardwood floors, archways, built‑ins, picture rails, and French multi‑pane windows; Each unit includes a main‑level primary bedroom and remodeled bathroom
