4-Unit Townhome-Style
For Sale
$975,000
15702 SE 3RD St, Vancouver, WA 98684
MultiFamily, Vancouver, WA
Property Size5,083 SF
Lot Size0.35 Acres
Price / SF$191.82
Days on Market17
Property Features for 15702 SE 3RD St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MSN
Bedrooms
9
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 7, Bedroom 6, Bathroom 1, Bedroom 7, Bedroom 5, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 2, Bathroom 6, Bathroom 8, Bedroom 2, Bedroom 8, Bedroom 1, Bedroom 9, Bedroom 3, Bathroom 5
Subdivision
HEARTHWOOD
Elementary school
Mill Plain
Middle school
Pacific
High school
Evergreen
Directions
Mill Plain, N on 157th Avenue, on corner of SE 157th and SE 3rd Street
Standard status
Active
APN
115301163
Size
5,083 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
CAMELOT CREST #2 #2 PARCEL A .33A FOR ASSESSOR USE ONLY CAMELOT C
Tax Annual Amount
11298
Legal Description
CAMELOT CREST #2 #2 PARCEL A .33A FOR ASSESSOR USE ONLY CAMELOT C
Amenities
interior utility room
private patio
upstairs deck
separate storage unit
mature trees
Building Details
Year built
1973
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Windermere Northwest Living · Windermere Real Estate
(360) 253-3600
Listed By:
Dale Chumbley
(360) 260-3253
Added: Sep 15
Changed: Oct 1
Last Checked: Oct 1 at 9:06PM
MLS# 719091915
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 5,083-square-foot fourplex contains four townhome-style residences on a 0.35-acre corner parcel in Vancouver. Three units measure 1,152 square feet apiece, with two bedrooms and one-and-a-half bathrooms each. The fourth spans 1,627 square feet and has three bedrooms and one-and-a-half bathrooms. All four homes include an interior utility room and a patio off the main-floor living area; the larger residence also has an upstairs deck. The property was built in 1973 and has vinyl siding.
Four garages, a separate storage unit, and parking for at least 10 additional vehicles are on site. The property is zoned MSN.
Four garages, a separate storage unit, and parking for at least 10 additional vehicles are on site. The property is zoned MSN.
Key Highlights
- Three 1,152‑square‑foot units and one 1,627‑square‑foot unit
- 5,083 square feet of building area on a 0.35‑acre corner lot
- Four garages, plus parking for at least 10 vehicles outside the garages
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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Current Use
Lease Details
4
Residential units
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has a private patio, while the largest unit also features an upstairs deck.
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: Three 1,152‑square‑foot units and one 1,627‑square‑foot unit; 5,083 square feet of building area on a 0.35‑acre corner lot; Four garages, plus parking for at least 10 vehicles outside the garages
