Updated Four-Unit Apartment
For Sale
$1,100,000
3007 E 33rd St, Vancouver, WA 98661
Corner-lot quadplex with refreshed kitchens, updated flooring, and two-bedroom layouts across all residential units.
Property Size3,120 SF
Price / SF$352.56
Days on Market18
Property Features for 3007 E 33rd St
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
laundry hookups
Building Details
Year Built
1972
Listing Agency:
Redfin
(360) 823-4240
Listed By:
Frederick Sanchez
Source:
Wisser
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 11:49AM
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 apartment property occupies a single tax lot in Vancouver, with approximately 3,120 square feet across the building and 780 square feet of living space in each unit. Built in 1972, the property offers four two-bedroom residences, each with one full bathroom, a living room, kitchen with eating area, and laundry closet with washer and dryer hookups. Appliances include an electric range, range hood, and refrigerator. Recent improvements include refreshed kitchens and updated flooring, with laminate hardwood, laminate, vinyl, and carpet used throughout the interiors.
The corner-lot property is served by public water and sewer. Electricity supplies the units, including the hot water heaters, while baseboard heating provides temperature control. Exterior components include a roof finished with 30-year composition shingles and gutters installed around 2017. The four residences are located at 3007 & 3009 E 33rd St and 3213 & 3215 Drummond Ave in Vancouver, Washington.
The corner-lot property is served by public water and sewer. Electricity supplies the units, including the hot water heaters, while baseboard heating provides temperature control. Exterior components include a roof finished with 30-year composition shingles and gutters installed around 2017. The four residences are located at 3007 & 3009 E 33rd St and 3213 & 3215 Drummond Ave in Vancouver, Washington.
Key Highlights
- Four residential units on a single tax lot
- Each unit offers approximately 780 square feet 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 refreshed kitchens, updated flooring, and two-bedroom layouts across all residential units.
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 a single tax lot; Each unit offers approximately 780 square feet with two bedrooms and one full bathroom; Refreshed kitchens and updated flooring throughout the units
