Well-Maintained Duplex with Attached
For Sale
$550,000
1511 NE 141ST Ave, Vancouver, WA 98684
MultiFamily, Vancouver, WA
Property Size1,808 SF
Lot Size0.26 Acres
Price / SF$304.20
Days on Market147
Property Features for 1511 NE 141ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-9
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 4
Subdivision
HEARTHWOOD
Elementary school
Hearthwood
Middle school
Cascade
High school
Evergreen
Directions
NE18th St, S on NE 141st Avenue
Standard status
Active
APN
110185364
Size
1,808 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
SCARBOROUGH ESTATES LOT 18 FOR ASSESSOR USE ONLY SCARBOROUGH ESTA
Tax Annual Amount
5403
Legal Description
SCARBOROUGH ESTATES LOT 18 FOR ASSESSOR USE ONLY SCARBOROUGH ESTA
Amenities
fireplace
private backyard
Building Details
Year built
1976
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Windermere Northwest Living · Windermere Real Estate
(360) 253-3600
Listed By:
Dale Chumbley
(360) 260-3253
Added: Mar 27
Changed: Aug 20
Last Checked: Aug 20 at 11:06AM
MLS# 659815885
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 well-cared-for duplex on a 0.26-acre lot features single-level living in both units, with each side offering two bedrooms and 1.75 bathrooms. Each unit includes an attached one-car garage and features a fireplace, along with exceptionally large private backyards. The property was built in 1976 and has a composition roof, with brick accents and mature trees throughout the area.
One side is currently vacant and was freshly painted, with updated interior space. The other unit is occupied by a long-term tenant.
Zoned R-9, the property is in the Hearthwood neighborhood and offers convenient access to shopping, restaurants, and everyday services.
One side is currently vacant and was freshly painted, with updated interior space. The other unit is occupied by a long-term tenant.
Zoned R-9, the property is in the Hearthwood neighborhood and offers convenient access to shopping, restaurants, and everyday services.
Key Highlights
- Zoned R‑9 duplex in the Hearthwood neighborhood
- 0.26‑acre lot with 1,808 SF total building area
- Built in 1976 with a composition roof
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
$24,158
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
4.39%
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%
$483,160
$483.2K
Cap Rate 7%
$345,114
$345.1K
Cap Rate 9%
$268,422
$268.4K
Market Conditions
NOI Build-Up for 1,808 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
$36.2K $20.04/SF
− Vacancy
−$1.7K −$0.95/SF
EGI
$34.5K $19.09/SF
− OpEx
−$10.4K −$5.73/SF
NOI
$24.2K $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%
$483,160
Cap Rate 7%
$345,114
Cap Rate 9%
$268,422
Alternative Uses
Best Use
Multifamily LT 5
$345.1K
$302.0K – $402.6K
NOI $24,158 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$299.6K
$262.2K – $349.5K
NOI $20,972 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$442.4K
$387.1K – $516.1K
NOI $30,966 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 98684, WA
33,659
Population
14,355
Households
2.3
Avg Household Size
37
Median Age
29%
College-Educated
90%
High-School Grad
7.1 sq mi
ZIP Area
4,741
Density / Sq Mi
$88,044
Median Household Income
$48,108
Median Earnings
$1,847
Median Rent
$442,100
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 - Duplex in Hearthwood with attached one-car garages, fireplaces, and exceptionally large private backyards, zoned R-9.
Where is this duplex located?
The property is located at 1511 NE 141ST Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Zoned R‑9 duplex in the Hearthwood neighborhood; 0.26‑acre lot with 1,808 SF total building area; Built in 1976 with a composition roof
