Four-Unit Quadplex
For Sale
$824,900
119 SE 98TH Ave, Vancouver, WA 98664
MultiFamily, Vancouver, WA
Property Size3,312 SF
Lot Size0.26 Acres
Price / SF$249.06
Days on Market9
Property Features for 119 SE 98TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MU
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 8
Subdivision
ELLSWORTH SPRINGS
Elementary school
Ellsworth
Middle school
Wy East
High school
Evergreen
Directions
1-5 S and WA-14 E to S Lieser Rd, Left onto S Lieser Rd, Right onto St Helens Ave, Left onto SE 98th
Standard status
Active
APN
110291214
Size
3,312 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
MILL PLAIN ADDN #1 & #2 LOT 8
Tax Annual Amount
6755
Legal Description
MILL PLAIN ADDN #1 & #2 LOT 8
Utilities
Heating system
Radiant
Building Details
Year built
1960
Floors in Building
1
Number of units
4
Roof type
Metal
Listing Agency:
Realty ONE Group Pacifica
(360) 232-8777
Listed By:
Katherine Sater
(360) 936-8230
Added: Aug 14
Changed: Aug 22
Last Checked: Aug 22 at 7:06PM
MLS# 322330934
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 quadplex consists of two duplex buildings totaling 3,312 square feet. The property contains 8 bedrooms and 4 bathrooms, with each unit measuring 828 square feet. Three units are occupied, while the remaining unit is vacant for showing and future leasing or owner-occupant use. Recent exterior painting, metal roofing, and radiant heating are among the documented property features. Built in 1960, the asset is located on a 0.26-acre parcel and carries MU zoning.
The property is at 119 SE 98TH Ave in Vancouver, Washington, near SE Mill Plain Boulevard. Access to I-205 and SR-14 is noted, along with proximity to shopping, dining, grocery stores, and everyday amenities.
The property is at 119 SE 98TH Ave in Vancouver, Washington, near SE Mill Plain Boulevard. Access to I-205 and SR-14 is noted, along with proximity to shopping, dining, grocery stores, and everyday amenities.
Key Highlights
- Four units across two duplex buildings
- 3,312 square feet with 8 bedrooms and 4 bathrooms
- Each unit measures 828 square feet
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
Property Profile
Current Use
Lease Details
4
Residential units
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 - Two duplex structures with one vacant unit and three occupied units support flexible rental or owner-occupant use.
Where is this quadplex located?
The property is located at 119 SE 98TH Ave 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 units across two duplex buildings; 3,312 square feet with 8 bedrooms and 4 bathrooms; Each unit measures 828 square feet
