Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multifamily Property with Development Potential Title is generated by Realmo AI

    2615 Neals Ln, Vancouver, WA 98661

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Multifamily property featuring duplexes, apartments, and office space.

    Type:Multifamily
    Property size:
    1,700 SF
    Lot size:
    2.78 Acres
    Price / SF:
    $5,794/SF
    Added:
    Mar 5, 2026
    Days on Market:
    68
    Last Refresh:
    Mar 16 at 1:40 pm

    Property Features for 2615 Neals Ln

    General Information

    Standard status
    Active
    Size
    1,700 SF
    Lot size
    2.78 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Izad Khormae

    Listing agent Izad Khormae License #WA

    Listing office Clark County Realty Group

    Listing date Mar 5, 2026

    Source Crexi

    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 Clark County Realty Group

    HighLights

    • High CAP Rate: Trailing 12‑month actual CAP rate of 6.4%.
    • Diverse Unit Mix: Includes two‑bedroom houses, two‑bedroom duplexes, and one‑bedroom apartments.
    • Newer Apartments: 15 one‑bedroom apartments completed in 2025.
    • Significant Improvements: Over $800,000 in property improvements.
    • Sizeable Land Area: Approx. 2.78 acres of land.
    • Duplex Units: 34 two‑bedroom Duplexes (Approx. 800 SF/unit).

    Overview

    This property includes one two-bedroom house, 34 two-bedroom duplexes, 15 one-bedroom apartments, office space, and maintenance and storage areas. The 34 two-bedroom duplexes, constructed in 1970, are situated within 17 buildings and each unit is approximately 800 square feet. The 15 one-bedroom apartments, each approximately 550 square feet, are located in a single building that is scheduled for completion in 2025. The office space, approximately 1700 square feet, and the maintenance and storage area, approximately 2300 square feet, are currently owner-occupied. The property is situated on approximately 2.78 acres of land, divided into two tax lots of 0.49 and 2.29 acres. The trailing 12-month actual CAP rate is 6.4%. Over $800,000 of improvements have been made.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial & Investment Real ... Real Estate Agency Clark County Realty ... Property Management Company Cedar Park Community Apartment Building Detailed Maid Services Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Vancouver
    County
    Clark
    State
    Washington
    Longitude
    -122.6343082
    Latitude
    45.640692

    Nearby Similar for Sale

    • $650,000
      2,584 SF

      Vancouver Duplex: Investment Opportunity

      Well-maintained duplex in Vancouver, WA, ideal for investors.
      3910 NE 109TH Ave, Vancouver, WA 98682
      View Details
    • $950,000
      3,484 SF

      Vancouver WA Fourplex Investment Opportunity

      Well-maintained fourplex with fenced yards, convenient location, strong rental potential.
      10901 NE 7TH St, Vancouver, WA 98664
      View Details
    • $600,000
      1,808 SF

      Hearthwood Duplex with Large Yards

      Well-maintained duplex in Vancouver with income potential and owner occupancy.
      1511 NE 141ST Ave, Vancouver, WA 98684
      View Details
    • $619,000
      2,836 SF

      Well-Maintained Duplex in Vancouver, WA

      Spacious duplex with strong rental demand near public transportation.
      5401 NE 29TH Cir, Vancouver, WA 98660
      View Details
    • $600,000
      1,724 SF

      Well-Located Vancouver Duplex Opportunity

      Duplex near I-5, Clark College, and downtown Vancouver.
      3709 M St, Vancouver, WA 98663
      View Details
    • $600,000
      1,724 SF

      Vancouver Duplex Near I-5

      Well-located duplex with easy access to amenities and transportation.
      3713 M St, Vancouver, WA 98663
      View Details
    • $630,000
      1,724 SF

      Vancouver Duplex Near I-5

      Well-located duplex near I-5, Clark College, and downtown Vancouver.
      3713 M St, Vancouver, WA 98663
      View Details
    • $600,000
      1,724 SF

      Vancouver Duplex Near I-5

      Well-located duplex with easy access to amenities and I-5.
      3709 M St, Vancouver, WA 98663
      View Details
    • $530,000
      2,200 SF

      Turnkey Duplex in Prime Location

      Fully rented duplex with strong cash flow and updated features.
      1903 W 31ST St, Vancouver, WA 98660
      View Details
    • $495,000
      1,920 SF

      Vancouver WA Duplex Investment

      Well-maintained duplex in Vancouver, WA with two spacious units.
      911 W 29TH St, Vancouver, WA 98660
      View Details
    • $829,900
      2,000 SF

      Turn-Key Investment Property with ADU

      Contemporary duplex-like property with attached ADU, generating immediate income.
      15101 NE 86TH St, Vancouver, WA 98682
      View Details
    • $799,000
      2,834 SF

      Vancouver Duplex: Investor Opportunity

      Tenant-occupied duplex with modern features in Vancouver, WA.
      6011 NE 105TH Ave, Vancouver, WA 98662
      View Details

    FAQs

    What type of property is this?
    Apartment building - Multifamily property featuring duplexes, apartments, and office space.
    Where is this apartment building located?
    The property is located at 2615 Neals Ln Vancouver, WA.
    What is the asking price?
    The asking price for this property is $9,850,000.
    What are key features of this property?
    This property features: High CAP Rate: Trailing 12‑month actual CAP rate of 6.4%.; Diverse Unit Mix: Includes two‑bedroom houses, two‑bedroom duplexes, and one‑bedroom apartments.; Newer Apartments: 15 one‑bedroom apartments completed in 2025.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Izad Khormae
    Real Estate License ID: WA
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2615 Neals Ln, Vancouver, WA 98661
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!