Remodeled Duplex with Fenced
For Sale
$439,900
Pending
2809 Watson Ave, Vancouver, WA 98661
Two one-bedroom units offer separate entries, appliances, laundry hookups, and mini-split heating and cooling.
Property Size1,200 SF
Days on Market25
Property Features for 2809 Watson Ave
General Information
Standard status
Pending
Size
1,200 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
fenced backyard
own entry gate
open floorplan
laminate flooring
washer/dryer hookups
mini-splits
range
refrigerator
Building Details
Year Built
1943
Listing Agency:
Berkshire Hathaway HomeServices NW Real Estate
Listed By:
Annette Chapman
(360) 256-0088
Source:
Evergreenrealestatepartners
Added: Aug 9
Changed: Aug 31
Last Checked: Sep 1 at 10:22PM
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 Berkshire Hathaway HomeServices NW Real Estate
Investment Insights
Based on property information with market context.
This remodeled duplex contains approximately 1,200 square feet with two separate one-bedroom, one-bath residences. Each unit features an open living arrangement, laminate flooring, a kitchen equipped with a range and refrigerator, and washer/dryer hookups. Mini-split systems provide both cooling and heat, while the units are currently vacant. Separate entry gates create individual access to the property’s parking and RV areas, and the oversized corner lot includes a fenced backyard.
The property is located at 2809 Watson Ave in Vancouver, Washington, near bus service, shopping, and restaurants. Built in 1943, the duplex offers two distinct living spaces with room for on-site parking and outdoor use.
The property is located at 2809 Watson Ave in Vancouver, Washington, near bus service, shopping, and restaurants. Built in 1943, the duplex offers two distinct living spaces with room for on-site parking and outdoor use.
Key Highlights
- Approximately 1,200 Sq Ft duplex on an oversized corner lot
- Two vacant units, each with 1 bedroom and 1 bath
- Fenced backyard with separate entry gates for RV/parking access
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
$16,034
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
3.64%
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%
$320,680
$320.7K
Cap Rate 7%
$229,057
$229.1K
Cap Rate 9%
$178,156
$178.2K
Market Conditions
NOI Build-Up for 1,200 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%
$320,680
Cap Rate 7%
$229,057
Cap Rate 9%
$178,156
Alternative Uses
Best Use
Multifamily LT 5
$229.1K
$200.4K – $267.2K
NOI $16,034 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$198.8K
$174.0K – $232.0K
NOI $13,919 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$293.6K
$256.9K – $342.5K
NOI $20,552 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
504
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
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 units offer separate entries, appliances, laundry hookups, and mini-split heating and cooling.
Where is this duplex located?
The property is located at 2809 Watson Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Approximately 1,200 Sq Ft duplex on an oversized corner lot; Two vacant units, each with 1 bedroom and 1 bath; Fenced backyard with separate entry gates for RV/parking access
