Two-Unit Single-Level
For Sale
$475,000
202 SE 157TH Ave, Vancouver, WA 98684
MultiFamily, Vancouver, WA
Property Size1,800 SF
Lot Size0.19 Acres
Price / SF$263.89
Days on Market189
Property Features for 202 SE 157TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-9
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 1
Subdivision
HEARTHWOOD
Elementary school
Mill Plain
Middle school
Pacific
High school
Evergreen
Directions
Mill Plain, N on SE 157th Avenue
Standard status
Active
APN
115301086
Size
1,800 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
CAMELOT CREST #2 LOT 13 FOR ASSESSOR USE ONLY EXC ALL OF LOT 14 &
Tax Annual Amount
5001
Legal Description
CAMELOT CREST #2 LOT 13 FOR ASSESSOR USE ONLY EXC ALL OF LOT 14 &
Utilities
Heating system
Baseboard
Amenities
outdoor storage sheds
Building Details
Year built
1972
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: Oct 1
Last Checked: Oct 1 at 7:06PM
MLS# 292966348
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 Vancouver duplex contains 1,800 square feet across two residences, each arranged with two bedrooms and one bathroom on a single level. Built in 1972, the property has baseboard heating and a composition roof. Outdoor storage sheds and driveways with room for RV parking serve the residences.
The 0.19-acre property is zoned R-9 and is fully occupied by long-term tenants.
The 0.19-acre property is zoned R-9 and is fully occupied by long-term tenants.
Key Highlights
- Two residences, each with 2 bedrooms and 1 bathroom
- 1,800 square feet on a 0.19‑acre lot
- Built in 1972; baseboard heating and 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
$24,051
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
5.06%
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%
$481,020
$481.0K
Cap Rate 7%
$343,586
$343.6K
Cap Rate 9%
$267,233
$267.2K
Market Conditions
NOI Build-Up for 1,800 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
$36.1K $20.04/SF
− Vacancy
−$1.7K −$0.95/SF
EGI
$34.4K $19.09/SF
− OpEx
−$10.3K −$5.73/SF
NOI
$24.1K $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%
$481,020
Cap Rate 7%
$343,586
Cap Rate 9%
$267,233
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.6K – $400.9K
NOI $24,051 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$298.3K
$261.0K – $348.0K
NOI $20,879 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$440.4K
$385.4K – $513.8K
NOI $30,829 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
592
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
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence has two bedrooms, one bathroom, and an easy-to-navigate single-level layout.
Where is this duplex located?
The property is located at 202 SE 157TH Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1 bathroom; 1,800 square feet on a 0.19‑acre lot; Built in 1972; baseboard heating and composition roof
