Renovated
New
For Sale
$435,000
2807 E 24TH St, Vancouver, WA 98661
MultiFamily, Vancouver, WA
Property Size1,198 SF
Lot Size0.13 Acres
Price / SF$363.11
Days on Market3
Property Features for 2807 E 24TH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LSN
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Elementary school
Edgewood
Middle school
Discovery
High school
Hudsons Bay
Directions
Grand x 25th st x 24th st
Subdivision
_12
Standard status
Active
APN
029276174
Size
1,198 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
FOURTH PLAIN VILLAGE LOT 2 BLK 19 FOR ASSESSOR USE ONLY FOURTH PL
Tax Annual Amount
3565
Legal Description
FOURTH PLAIN VILLAGE LOT 2 BLK 19 FOR ASSESSOR USE ONLY FOURTH PL
Amenities
stackable washer/dryer
refrigerator
private fenced yards
Trex decks
Building Details
Year built
1943
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
Windermere Northwest Living · Windermere Real Estate
(360) 993-2222
Listed By:
Jodie Sharp
(360) 798-6668
Added: Sep 25
Changed: Sep 27
Last Checked: Sep 27 at 12:06PM
MLS# 305528106
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 1,198-square-foot duplex, built in 1943, has two one-bedroom, one-bathroom units on a 0.13-acre lot. Improvements include updated kitchens and bathrooms, new cabinets and appliances, laminate flooring, vinyl windows, siding, and electrical panels. Each residence has a refrigerator and stackable washer and dryer; attic and crawl-space insulation and a vapor barrier have also been added. The roof is composition, and both units have fenced private yards with Trex decks.
Driveway parking serves the property, with additional street parking available. Shopping, Clark College, services, and I-5 access are nearby. The property is zoned LSN.
Driveway parking serves the property, with additional street parking available. Shopping, Clark College, services, and I-5 access are nearby. The property is zoned LSN.
Key Highlights
- Two units, each with one bedroom and one bathroom
- 1,198 square feet on a 0.13‑acre lot
- Updated kitchens and bathrooms with new cabinets and appliances
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences include private fenced outdoor space, individual laundry, and driveway parking.
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 units, each with one bedroom and one bathroom; 1,198 square feet on a 0.13‑acre lot; Updated kitchens and bathrooms with new cabinets and appliances
