Fully Rented Duplex With Updated
For Sale
$510,000
1903 W 31ST St, Vancouver, WA 98660
MULTI_FAMILY - Vancouver, WA
Property Size2,200 SF
Lot Size0.12 Acres
Price / SF$231.82
Days on Market115
Property Features for 1903 W 31ST St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R30
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 4
Subdivision
Fruit Valley
Elementary school
Fruit Valley
Middle school
Discovery
High school
Hudsons Bay
Directions
Fruit Valley Rd, east @ W 31st St, right @ 2nd driveway in to complex, units K & L at the end
Standard status
Active
APN
000057000
Size
2,200 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
#76 DAVID ARMSTRONG DLC .12 A ML FOR ASSESSOR USE ONLY W 64.50 FT
Tax Annual Amount
4959
Legal Description
#76 DAVID ARMSTRONG DLC .12 A ML FOR ASSESSOR USE ONLY W 64.50 FT
Building Details
Year built
1971
Floors in Building
2
Number of units
2
Roof type
Shake
Listing Agency:
Worth Clark Realty
(564) 464-4021
Listed By:
Kelyn Black
(503) 707-7011
Added: Apr 21
Changed: Aug 13
Last Checked: Aug 13 at 9:06AM
MLS# 450016576
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 fully rented duplex offers two units, K and L, with three bedrooms and 1.1 bathrooms each. The property is built for steady occupancy, with each unit described at approximately 1,100 square feet and a total property size of 2,200 square feet. The roof is shake, and the building was constructed in 1971.
Updates and improvements include a new roof installed in 2018, updated paint and flooring, and water heaters replaced in 2017. Brand new windows and sliding doors were added in April 2025. The duplex sits on a 0.12-acre lot and is zoned R30.
Unit-specific timing is part of the current leasing picture: Unit L has a rent increase taking effect May 2026, and Unit K’s lease expiration is listed as 6/30/26 with the rent rolling month-to-month afterward.
Updates and improvements include a new roof installed in 2018, updated paint and flooring, and water heaters replaced in 2017. Brand new windows and sliding doors were added in April 2025. The duplex sits on a 0.12-acre lot and is zoned R30.
Unit-specific timing is part of the current leasing picture: Unit L has a rent increase taking effect May 2026, and Unit K’s lease expiration is listed as 6/30/26 with the rent rolling month-to-month afterward.
Key Highlights
- Fully rented duplex with Units K and L, each with three bedrooms and 1.1 bathrooms
- Total property size 2,200 SF on a 0.12‑acre lot
- Roof replacement in 2018 and water heaters updated in 2017
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
$29,396
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
5.76%
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%
$587,920
$587.9K
Cap Rate 7%
$419,943
$419.9K
Cap Rate 9%
$326,622
$326.6K
Market Conditions
NOI Build-Up for 2,200 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
$44.1K $20.04/SF
− Vacancy
−$2.1K −$0.95/SF
EGI
$42.0K $19.09/SF
− OpEx
−$12.6K −$5.73/SF
NOI
$29.4K $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%
$587,920
Cap Rate 7%
$419,943
Cap Rate 9%
$326,622
Alternative Uses
Best Use
Multifamily LT 5
$419.9K
$367.5K – $489.9K
NOI $29,396 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$364.6K
$319.0K – $425.3K
NOI $25,519 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$538.3K
$471.0K – $628.0K
NOI $37,679 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 98660, WA
12,735
Population
7,048
Households
1.8
Avg Household Size
39
Median Age
38%
College-Educated
91%
High-School Grad
15.3 sq mi
ZIP Area
832
Density / Sq Mi
$65,147
Median Household Income
$51,895
Median Earnings
$1,408
Median Rent
$444,300
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 - Two-unit duplex zoned R30 with multiple 2018–2025 updates including new windows and sliding doors.
Where is this duplex located?
The property is located at 1903 W 31ST St Vancouver, WA.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Fully rented duplex with Units K and L, each with three bedrooms and 1.1 bathrooms; Total property size 2,200 SF on a 0.12‑acre lot; Roof replacement in 2018 and water heaters updated in 2017
