Newly Constructed 40-Unit Apartment
For Sale
Contact for pricing
1416 Northeast 68th Street, Vancouver, WA 98665
Modern 40-unit residential community with triplex and fourplex layouts, including attached garages and attached ADUs.
Property Size39,217 SF
Price / SF$351.86
Days on Market64
Property Features for 1416 Northeast 68th Street
General Information
Standard status
Active
Size
39,217 SF
Class
A
Property subtype
Multifamily
Zoning
R1-5
Investment Type
Value Add
Additional Details
Cap Rate
5.35%
Multifamily Units
40
Building Details
Year Built
2026
Buildings
13
Units
40
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 11 at 5:07PM
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.
Obsidian is a newly constructed 40-unit residential community designed around 12 triplex buildings and one fourplex. The unit mix includes 16 three-bedroom residences and 24 one-bedroom homes. Each triplex provides a spacious primary residence paired with two attached one-bedroom, one-bath ADUs, creating an efficient, repeatable layout across the property. The three-bedroom homes include attached garages and larger living spaces, while the one-bedroom homes are configured as compact, self-contained residences. Modern finishes and durable building materials are featured throughout, reflecting a recently completed construction approach intended to support lower-maintenance operations.
The community is located at 1416 Northeast 68th Street in Vancouver, Washington. This multifamily configuration concentrates multiple attached-dwelling options within a cohesive neighborhood setting, supported by the consistent triplex and fourplex building plan.
For investors and operators seeking a modern, low-maintenance apartment asset, Obsidian’s unit mix provides flexibility to serve both family-oriented households and tenants looking for one-bedroom living. The projected NOI is approximately $737,645 with a projected cap rate of 5.35%, based on the provided financial projections. As a recently completed property, it is positioned for long-term ownership with an emphasis on quality craftsmanship and streamlined ongoing upkeep tied to contemporary construction.
The community is located at 1416 Northeast 68th Street in Vancouver, Washington. This multifamily configuration concentrates multiple attached-dwelling options within a cohesive neighborhood setting, supported by the consistent triplex and fourplex building plan.
For investors and operators seeking a modern, low-maintenance apartment asset, Obsidian’s unit mix provides flexibility to serve both family-oriented households and tenants looking for one-bedroom living. The projected NOI is approximately $737,645 with a projected cap rate of 5.35%, based on the provided financial projections. As a recently completed property, it is positioned for long-term ownership with an emphasis on quality craftsmanship and streamlined ongoing upkeep tied to contemporary construction.
Key Highlights
- Newly built 40‑unit residential community (Year Built: 2026) with triplex and fourplex layouts
- Unit mix includes 16 three‑bedroom residences and 24 one‑bedroom homes
- Each triplex features a primary residence plus two attached 1‑bedroom, 1‑bath ADUs
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
$454,898
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
3.30%
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%
$9,097,960
$9.1M
Cap Rate 7%
$6,498,543
$6.5M
Cap Rate 9%
$5,054,422
$5.1M
Market Conditions
NOI Build-Up for 39,217 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
$870.6K $22.20/SF
− Vacancy
−$43.5K −$1.11/SF
EGI
$827.1K $21.09/SF
− OpEx
−$372.2K −$9.49/SF
NOI
$454.9K $11.60/SF
Area
Vancouver, WA
Vacancy
5.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
45.00%
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%
$9,097,960
Cap Rate 7%
$6,498,543
Cap Rate 9%
$5,054,422
Alternative Uses
Best Use
Apartment 5plus
$6.50M
$5.69M – $7.58M
NOI $454,898 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.60M
$8.40M – $11.19M
NOI $671,670 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40
Residential units
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
Explore this area
Business Placement
Demographics for 98665, WA
28,780
Population
11,894
Households
2.4
Avg Household Size
38
Median Age
29%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,889
Density / Sq Mi
$83,750
Median Household Income
$46,000
Median Earnings
$1,678
Median Rent
$447,700
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?
Apartment building - Modern 40-unit residential community with triplex and fourplex layouts, including attached garages and attached ADUs.
Where is this apartment building located?
The property is located at 1416 Northeast 68th Street Vancouver, WA.
What is the asking price?
The asking price for this property is $13,798,800.
What are key features of this property?
This property features: Newly built 40‑unit residential community (Year Built: 2026) with triplex and fourplex layouts; Unit mix includes 16 three‑bedroom residences and 24 one‑bedroom homes; Each triplex features a primary residence plus two attached 1‑bedroom, 1‑bath ADUs
