Updated Quadplex with Off-Street
For Sale
$795,000
2509 T St, Vancouver, WA 98661
MultiFamily, Vancouver, WA
Property Size2,784 SF
Lot Size0.19 Acres
Price / SF$285.56
Days on Market63
Property Features for 2509 T St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R 30
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 5, Bedroom 7, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 8, Bathroom 2, Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 4
Elementary school
Washington
Middle school
Discovery
High school
Hudsons Bay
Directions
North on T St from Fourth Plain Blvd
Subdivision
_12
Standard status
Active
APN
023277000
Size
2,784 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
COLUMBIA ORCHARD LOTS #21 LOT 22 FOR ASSESSOR USE ONLY BEG AT A P
Tax Annual Amount
6148
Legal Description
COLUMBIA ORCHARD LOTS #21 LOT 22 FOR ASSESSOR USE ONLY BEG AT A P
Building Details
Year built
1976
Floors in Building
1
Number of units
4
Roof type
Composition
Listing Agency:
Weichert Realtors, Equity NW
(360) 253-1212
Listed By:
Paul Stevens
(360) 921-1277
Added: Jul 27
Changed: Sep 13
Last Checked: Sep 27 at 2:06PM
MLS# 490929213
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.
Built in 1976, this 2,784-square-foot quadplex contains four residential units on a 0.19-acre parcel zoned R 30. Three units have received extensive updates, while the fourth has remained occupied by the same tenants for nearly 20 years. Vinyl windows and a composition roof that is four years old add to the property’s existing improvements.
The property includes off-street parking and is located near Clark College, the VA Hospital, and bus lines. Fourth Plain Blvd is approximately half a block away, providing convenient access to a major nearby corridor. The unit layout includes eight bedrooms and four bathrooms.
The property includes off-street parking and is located near Clark College, the VA Hospital, and bus lines. Fourth Plain Blvd is approximately half a block away, providing convenient access to a major nearby corridor. The unit layout includes eight bedrooms and four bathrooms.
Key Highlights
- 2,784‑square‑foot quadplex on a 0.19‑acre lot
- Three of four units extensively updated
- Fourth unit occupied by the same tenants for nearly 20 years
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
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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
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?
Quadplex - Four-unit residential property with refreshed units, established occupancy, and access to nearby transit and services.
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: 2,784‑square‑foot quadplex on a 0.19‑acre lot; Three of four units extensively updated; Fourth unit occupied by the same tenants for nearly 20 years
