Updated Four-Unit
For Sale
$795,000
2509 T ST, Vancouver, WA 98661
Three units have been extensively updated, complemented by vinyl windows and a newer roof.
Property Size2,784 SF
Days on Market16
Property Features for 2509 T ST
General Information
Standard status
Active
Size
2,784 SF
Property subtype
MULTI_FAMILY
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,147
Amenities
off street parking
Building Details
Building Size
2,784 SF
Year Built
1976
Listing Agency:
Weichert Realtors, Equity NW
(360) 921-1277
Listed By:
Paul Stevens
(360) 921-1277
Source:
Currangrouprealtors
Added: Jul 27
Changed: Aug 10
Last Checked: Aug 11 at 12:56PM
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 Weichert Realtors, Equity NW
Investment Insights
Based on property information with market context.
Built in 1976, this quadplex comprises four residential units, including three that have received extensive updates. The property also features vinyl windows, a roof installed four years ago, and off-street parking. One unit has been occupied by the same tenants for nearly 20 years, providing established occupancy history within the building.
The property is situated near Clark College, the VA Hospital, and bus lines. Fourth Plain Blvd. is approximately a half block away, connecting the property with a nearby arterial corridor and transit access.
The property is situated near Clark College, the VA Hospital, and bus lines. Fourth Plain Blvd. is approximately a half block away, connecting the property with a nearby arterial corridor and transit access.
Key Highlights
- Three of four units have been extensively updated
- Roof is four years old
- Vinyl windows throughout the property
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
$37,199
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
4.68%
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%
$743,980
$744.0K
Cap Rate 7%
$531,414
$531.4K
Cap Rate 9%
$413,322
$413.3K
Market Conditions
NOI Build-Up for 2,784 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
$55.8K $20.04/SF
− Vacancy
−$2.7K −$0.95/SF
EGI
$53.1K $19.09/SF
− OpEx
−$15.9K −$5.73/SF
NOI
$37.2K $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%
$743,980
Cap Rate 7%
$531,414
Cap Rate 9%
$413,322
Alternative Uses
Best Use
Multifamily LT 5
$531.4K
$465.0K – $620.0K
NOI $37,199 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$461.3K
$403.7K – $538.2K
NOI $32,293 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$681.2K
$596.0K – $794.7K
NOI $47,682 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 98661, WA
48,983
Population
22,291
Households
2.2
Avg Household Size
36
Median Age
27%
College-Educated
89%
High-School Grad
10.9 sq mi
ZIP Area
4,494
Density / Sq Mi
$75,037
Median Household Income
$43,920
Median Earnings
$1,440
Median Rent
$424,700
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?
Quadplex - Three units have been extensively updated, complemented by vinyl windows and a newer roof.
Where is this quadplex located?
The property is located at 2509 T ST Vancouver, WA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Three of four units have been extensively updated; Roof is four years old; Vinyl windows throughout the property
