Daylight Triplex
For Sale
$600,000
2619 NE 45TH St, Vancouver, WA 98663
MultiFamily, Vancouver, WA
Property Size2,868 SF
Lot Size0.21 Acres
Price / SF$209.21
Days on Market107
Property Features for 2619 NE 45TH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
r9
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3
Elementary school
Minnehaha
Middle school
Jason Lee
High school
Hudsons Bay
Directions
NE St. Johns to NE 45th St into quiet, tree lined street...
Subdivision
_15
Standard status
Active
APN
151504000
Size
2,868 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
#18 N HENRICHSEN CL .21A FOR ASSESSOR USE ONLYTHAT PORTION OF THE
Tax Annual Amount
5038
Legal Description
#18 N HENRICHSEN CL .21A FOR ASSESSOR USE ONLYTHAT PORTION OF THE
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
1978
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Keller Williams Realty Professionals
(503) 546-9955
Listed By:
Heather Brymer · License #200609335
(971) 227-6871
Added: May 27
Changed: Sep 1
Last Checked: Sep 10 at 6:06PM
MLS# 169289327
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 triplex property offers a daylight ranch layout with 2,868 square feet of interior space on a 0.21-acre lot. The main level includes three bedrooms, two full bathrooms, an updated kitchen with an eating bar, a dining area, and refreshed interior paint. The finished lower level adds two bedrooms, a full bathroom, a family room, laundry area, and flexible kitchen space, with separate entry and access to the patio and backyard.
Outdoor improvements include a landscaped backyard and a 12' x 16' shed suited to storage, workshop, studio, or hobby use. The property was built in 1978 and includes heat pump heating and cooling, a composition roof, and all appliances. It is located at 2619 NE 45TH St in Vancouver, Washington, with convenient freeway access.
Outdoor improvements include a landscaped backyard and a 12' x 16' shed suited to storage, workshop, studio, or hobby use. The property was built in 1978 and includes heat pump heating and cooling, a composition roof, and all appliances. It is located at 2619 NE 45TH St in Vancouver, Washington, with convenient freeway access.
Key Highlights
- 2,868 square feet on a 0.21‑acre lot
- Five bedrooms and three full bathrooms across the main and lower levels
- Finished daylight lower level with separate entrance and flexible kitchen space
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
$38,321
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
6.39%
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%
$766,420
$766.4K
Cap Rate 7%
$547,443
$547.4K
Cap Rate 9%
$425,789
$425.8K
Market Conditions
NOI Build-Up for 2,868 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
$57.5K $20.04/SF
− Vacancy
−$2.7K −$0.95/SF
EGI
$54.7K $19.09/SF
− OpEx
−$16.4K −$5.73/SF
NOI
$38.3K $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%
$766,420
Cap Rate 7%
$547,443
Cap Rate 9%
$425,789
Alternative Uses
Best Use
Multifamily LT 5
$547.4K
$479.0K – $638.7K
NOI $38,321 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$475.2K
$415.8K – $554.5K
NOI $33,267 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$701.7K
$614.0K – $818.7K
NOI $49,120 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 98663, WA
15,188
Population
6,753
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,704
Density / Sq Mi
$84,590
Median Household Income
$47,747
Median Earnings
$1,538
Median Rent
$430,900
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Flexible residential configuration with a finished lower level, separate entrance, backyard access, and included appliances.
Where is this triplex located?
The property is located at 2619 NE 45TH St Vancouver, WA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 2,868 square feet on a 0.21‑acre lot; Five bedrooms and three full bathrooms across the main and lower levels; Finished daylight lower level with separate entrance and flexible kitchen space
