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$345.26
Days on Market139
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
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Crexi
Added: Jun 10
Changed: Oct 10
Last Checked: Oct 24 at 5:13PM
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
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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 / Yr
$454,898
Cap Rate
3.36%
Suggested Prices Based on Cap Rates
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
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 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 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.60M
$8.40M – $11.19M
NOI $671,670 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
40
Residential units
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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 $13,539,900.
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
