Duplex with Private
For Sale
$729,000
117 W 31ST St, Vancouver, WA 98660
MultiFamily, Vancouver, WA
Property Size2,894 SF
Lot Size0.12 Acres
Price / SF$251.90
Days on Market47
Property Features for 117 W 31ST St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-9
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Subdivision
CARTER PARK
Elementary school
Lincoln
Middle school
Discovery
High school
Hudsons Bay
Directions
Main Street > 31st Street. GPS Friendly
Standard status
Active
APN
008410000
Size
2,894 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
ROWLEYS ADDITION-7 LOT 5 BLK 11 FOR ASSESSOR USE ONLY ROWLEYS ADD
Tax Annual Amount
7072
Legal Description
ROWLEYS ADDITION-7 LOT 5 BLK 11 FOR ASSESSOR USE ONLY ROWLEYS ADD
Utilities
Heating system
Forced Air
Building Details
Year built
1940
Number of units
2
Roof type
Composition
Listing Agency:
Cano Real Estate LLC
(360) 823-3333
Listed By:
Nathan Cano · License #11141
(360) 947-1237
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 30 at 7:06AM
MLS# 128187696
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.
A beautifully maintained Carter Park duplex offering two mirrored units with hardwood floors, archways, built-ins, and classic French multi-pane windows. Each unit features spacious living rooms, a functional kitchen with new refrigerators, and a primary bedroom on the main level. Bathrooms have been freshly remodeled, and both units include multiple closets for everyday convenience. The lower level provides private access for each unit, with basements divided to support a large bedroom (non-conforming) featuring a walk-in closet, washer/dryer hookups, and additional storage. One side is plumbed for a sink and toilet, while the other side already includes a sink for future customization.
Outside, each unit offers its own private backyard with patio space, room for garden beds or storage sheds, and alley access. Both units include a single-car garage with electricity.
Built in 1940, the property totals 2,894 square feet and includes forced air heating and a composition roof.
Outside, each unit offers its own private backyard with patio space, room for garden beds or storage sheds, and alley access. Both units include a single-car garage with electricity.
Built in 1940, the property totals 2,894 square feet and includes forced air heating and a composition roof.
Key Highlights
- Two mirrored units with private lower‑level access
- Basements include a large non‑conforming bedroom with walk‑in closet and washer/dryer hookups
- One basement side plumbed for a sink and toilet; other side has a sink for future customization
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
Yes
Paved road access
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 - Well-maintained Carter Park duplex with two mirrored units, basements with walk-in closets, and private backyard patio space.
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 mirrored units with private lower‑level access; Basements include a large non‑conforming bedroom with walk‑in closet and washer/dryer hookups; One basement side plumbed for a sink and toilet; other side has a sink for future customization
