Renovated Duplex with Private
For Sale
$435,000
2807 E 24TH ST, Vancouver, WA 98661
Both residences have one-bedroom layouts, private fenced yards, and stackable laundry appliances.
Property Size1,198 SF
Days on Market8
Property Features for 2807 E 24TH ST
General Information
Standard status
Active
Size
1,198 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,564
Amenities
stackable washer/dryer
private fenced yards
Trex decks
Building Details
Building Size
1,198 SF
Year Built
1943
Listing Agency:
Windermere Northwest Living
Listed By:
Jodie Sharp
(360) 798-6668
Source:
Currangrouprealtors
Added: Sep 25
Changed: Sep 29
Last Checked: Oct 1 at 7:03PM
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 Windermere Northwest Living
Investment Insights
Based on property information with market context.
Built in 1943, this duplex contains two one-bedroom, one-bath residences. Updates include kitchens with new cabinets and appliances, refreshed bathrooms, laminate flooring, vinyl windows, siding, and a newer roof. Each unit has a stackable washer and dryer, refrigerator, and a new electrical panel. Attic and crawl-space insulation has been added, along with a vapor barrier. Each residence also has a fenced yard and a Trex deck.
The property is near shopping, Clark College, services, and access to I-5. Driveways provide off-street parking, with additional street parking available.
The property is near shopping, Clark College, services, and access to I-5. Driveways provide off-street parking, with additional street parking available.
Key Highlights
- Two residences, each with one bedroom and one bathroom
- Updated kitchens and bathrooms, laminate flooring, vinyl windows, and newer roof
- Each unit includes a refrigerator and stackable washer and dryer
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
$16,007
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
3.68%
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%
$320,140
$320.1K
Cap Rate 7%
$228,671
$228.7K
Cap Rate 9%
$177,856
$177.9K
Market Conditions
NOI Build-Up for 1,198 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
$24.0K $20.04/SF
− Vacancy
−$1.1K −$0.95/SF
EGI
$22.9K $19.09/SF
− OpEx
−$6.9K −$5.73/SF
NOI
$16.0K $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%
$320,140
Cap Rate 7%
$228,671
Cap Rate 9%
$177,856
Alternative Uses
Best Use
Multifamily LT 5
$228.7K
$200.1K – $266.8K
NOI $16,007 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$198.5K
$173.7K – $231.6K
NOI $13,896 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$293.1K
$256.5K – $342.0K
NOI $20,518 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
599
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?
Duplex - Both residences have one-bedroom layouts, private fenced yards, and stackable laundry appliances.
Where is this duplex located?
The property is located at 2807 E 24TH ST Vancouver, WA.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Two residences, each with one bedroom and one bathroom; Updated kitchens and bathrooms, laminate flooring, vinyl windows, and newer roof; Each unit includes a refrigerator and stackable washer and dryer
