Townhome-Style
For Sale
$975,000
15702 SE 3RD ST, Vancouver, WA 98684
Four residential units feature private patios, garages, utility rooms, and additional off-street parking.
Property Size5,083 SF
Days on Market11
Property Features for 15702 SE 3RD ST
General Information
Standard status
Active
Size
5,083 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$11,297
Building Details
Building Size
5,083 SF
Year Built
1973
Listing Agency:
Windermere Northwest Living
Listed By:
Dale Chumbley
(360) 260-3253
Source:
Currangrouprealtors
Added: Sep 15
Changed: Sep 25
Last Checked: Sep 24 at 6:49PM
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 Windermere Northwest Living
Investment Insights
Based on property information with market context.
This four-unit multifamily property presents a townhome-style layout with three 1,152-square-foot residences and one 1,627-square-foot residence. The smaller units each include two bedrooms and one-and-a-half bathrooms, while the larger home offers three bedrooms and one-and-a-half bathrooms. Interior utility rooms and private patios extend the practical living areas, and the larger unit adds an upstairs deck with a recently rebuilt tile surface.
Situated on a .35-acre corner lot at 15702 SE 3RD ST in Vancouver, WA, the vinyl-sided property includes four garages, a separate storage unit, and parking for at least 10 vehicles beyond the garage spaces. Mature trees contribute to the established residential setting. Shopping, dining, services, schools, and major transportation routes are located nearby. The property was built in 1973.
Situated on a .35-acre corner lot at 15702 SE 3RD ST in Vancouver, WA, the vinyl-sided property includes four garages, a separate storage unit, and parking for at least 10 vehicles beyond the garage spaces. Mature trees contribute to the established residential setting. Shopping, dining, services, schools, and major transportation routes are located nearby. The property was built in 1973.
Key Highlights
- Four‑unit townhome‑style multifamily property built in 1973
- Three 1,152‑square‑foot units plus one 1,627‑square‑foot unit
- Unit mix includes three two‑bedroom homes and one three‑bedroom home
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
$67,917
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
6.97%
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%
$1,358,340
$1.4M
Cap Rate 7%
$970,243
$970.2K
Cap Rate 9%
$754,633
$754.6K
Market Conditions
NOI Build-Up for 5,083 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
$101.9K $20.04/SF
− Vacancy
−$4.8K −$0.95/SF
EGI
$97.0K $19.09/SF
− OpEx
−$29.1K −$5.73/SF
NOI
$67.9K $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%
$1,358,340
Cap Rate 7%
$970,243
Cap Rate 9%
$754,633
Alternative Uses
Best Use
Multifamily LT 5
$970.2K
$849.0K – $1.13M
NOI $67,917 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$842.3K
$737.0K – $982.7K
NOI $58,960 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,057 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
921
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units feature private patios, garages, utility rooms, and additional off-street parking.
Where is this quadplex located?
The property is located at 15702 SE 3RD ST Vancouver, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four‑unit townhome‑style multifamily property built in 1973; Three 1,152‑square‑foot units plus one 1,627‑square‑foot unit; Unit mix includes three two‑bedroom homes and one three‑bedroom home
