Updated Four-Unit Multifamily
For Sale
$1,100,000
3007 E 33rd St, Vancouver, WA 98661
Corner-lot quadplex with two-bedroom layouts, refreshed kitchens, and dedicated laundry hookups in every unit.
Property Size3,120 SF
Days on Market56
Property Features for 3007 E 33rd St
General Information
Standard status
Active
Size
3,120 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
R-9
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,892
Building Details
Building Size
3,120 SF
Year Built
1972
Stories
1
Units
4
Listing Agency:
Redfin
(360) 680-1462
Listed By:
Frederick Sanchez
(360) 680-1462
Source:
Metanars
Added: Jun 18
Changed: Aug 5
Last Checked: Aug 11 at 1:13PM
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 Redfin
Investment Insights
Based on property information with market context.
This four-unit multifamily property occupies a single tax lot at 3007 E 33rd St, 3009 E 33rd St, 3213 Drummond Ave, and 3215 Drummond Ave in Vancouver. Each residence provides approximately 780 square feet with two bedrooms, one full bathroom, a living room, kitchen, and adjoining eating area. Unit kitchens include an electric range, range hood, and refrigerator, while dedicated laundry closets provide washer and dryer hookups. Updates include refreshed kitchens and newer flooring in laminate hardwood, laminate, vinyl, and carpet finishes. Electricity supplies the units, including the hot water heaters, and baseboard heating serves each residence.
The corner-lot property is zoned R-9 and connected to public water and sewer. Exterior improvements include 30-year composition shingles and gutters installed around 2017. Its central Vancouver setting provides access to local amenities, schools, shopping, and transportation. Four separate units are held on one tax lot, offering a straightforward multifamily configuration with consistent two-bedroom floor plans.
The corner-lot property is zoned R-9 and connected to public water and sewer. Exterior improvements include 30-year composition shingles and gutters installed around 2017. Its central Vancouver setting provides access to local amenities, schools, shopping, and transportation. Four separate units are held on one tax lot, offering a straightforward multifamily configuration with consistent two-bedroom floor plans.
Key Highlights
- Four residential units on one tax lot
- Approximately 780 square feet per unit with two bedrooms and one full bathroom
- Refreshed kitchens and updated flooring throughout the units
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
$41,688
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
3.79%
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%
$833,760
$833.8K
Cap Rate 7%
$595,543
$595.5K
Cap Rate 9%
$463,200
$463.2K
Market Conditions
NOI Build-Up for 3,120 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
$62.5K $20.04/SF
− Vacancy
−$3.0K −$0.95/SF
EGI
$59.6K $19.09/SF
− OpEx
−$17.9K −$5.73/SF
NOI
$41.7K $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%
$833,760
Cap Rate 7%
$595,543
Cap Rate 9%
$463,200
Alternative Uses
Best Use
Multifamily LT 5
$595.5K
$521.1K – $694.8K
NOI $41,688 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$517.0K
$452.4K – $603.2K
NOI $36,190 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$763.4K
$668.0K – $890.6K
NOI $53,436 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
506
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?
Quadplex - Corner-lot quadplex with two-bedroom layouts, refreshed kitchens, and dedicated laundry hookups in every unit.
Where is this quadplex located?
The property is located at 3007 E 33rd St Vancouver, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four residential units on one tax lot; Approximately 780 square feet per unit with two bedrooms and one full bathroom; Refreshed kitchens and updated flooring throughout the units
