Two-Unit Duplex with
New
For Sale
$525,000
1507 E 32nd St, Vancouver, WA 98663
One residence has a long-term tenant, while the second is operating as a short-term rental.
Property Size1,900 SF
Lot Size0.15 Acres
Price / SF$276.32
Days on Market6
Property Features for 1507 E 32nd St
General Information
Standard status
Active
Size
1,900 SF
Lot size
0.15 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
back patio
storage shed
Building Details
Year Built
1971
Buildings
1
Listing Agency:
Keller Williams Realty
Listed By:
Jacqueline Smith · License #26819
(360) 693-3336
Source:
Livingoregoncoast
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 2:31PM
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
Investment Insights
Based on property information with market context.
Built in 1971, this duplex contains 1,900 square feet across two units, each with three bedrooms and one bathroom. Both residences have received updates and are maintained. The 0.15-acre property includes off-street parking, a rear patio, and a storage shed. One unit is leased to a long-term tenant; the other is operating as an Airbnb rental.
Clark College, downtown Vancouver, the Waterfront, and Fort Vancouver National Historic Site are among the nearby destinations. The property also has access to I-5, and Portland International Airport is approximately 15 minutes away.
Clark College, downtown Vancouver, the Waterfront, and Fort Vancouver National Historic Site are among the nearby destinations. The property also has access to I-5, and Portland International Airport is approximately 15 minutes away.
Key Highlights
- Two units, each with 3 bedrooms and 1 bathroom
- One unit has a long‑term tenant; the other operates as an Airbnb rental
- 1,900 square feet on a 0.15‑acre lot
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
$25,387
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
4.84%
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%
$507,740
$507.7K
Cap Rate 7%
$362,671
$362.7K
Cap Rate 9%
$282,078
$282.1K
Market Conditions
NOI Build-Up for 1,900 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
$38.1K $20.04/SF
− Vacancy
−$1.8K −$0.95/SF
EGI
$36.3K $19.09/SF
− OpEx
−$10.9K −$5.73/SF
NOI
$25.4K $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%
$507,740
Cap Rate 7%
$362,671
Cap Rate 9%
$282,078
Alternative Uses
Best Use
Multifamily LT 5
$362.7K
$317.3K – $423.1K
NOI $25,387 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$314.8K
$275.5K – $367.3K
NOI $22,039 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$464.9K
$406.8K – $542.4K
NOI $32,541 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Explore this area
Business Placement
Demographics for 98663, WA
15,188
Population
6,753
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,704
Density / Sq Mi
$84,590
Median Household Income
$47,747
Median Earnings
$1,538
Median Rent
$430,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - One residence has a long-term tenant, while the second is operating as a short-term rental.
Where is this duplex located?
The property is located at 1507 E 32nd St Vancouver, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1 bathroom; One unit has a long‑term tenant; the other operates as an Airbnb rental; 1,900 square feet on a 0.15‑acre lot
