Four-Plex on a Corner
For Sale
$1,100,000
3007 E 33RD St, Vancouver, WA 98661
MULTI_FAMILY - Vancouver, WA
Property Size3,120 SF
Lot Size0.23 Acres
Price / SF$352.56
Days on Market50
Property Features for 3007 E 33RD St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-9
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 4, Bedroom 5, Bedroom 1, Bedroom 8, Bedroom 2, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Middle school
Discovery
High school
Hudsons Bay
Directions
E Fourth Plain Blvd - North Watson Ave - Left E 33rd St
Subdivision
_12
Standard status
Active
APN
028730000
Size
3,120 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
CUNNINGHAM ADDN LOTS 1 & 2 BLK 2 FOR ASSESSOR USE ONLY CUNNINGHAM
Tax Annual Amount
5892
Legal Description
CUNNINGHAM ADDN LOTS 1 & 2 BLK 2 FOR ASSESSOR USE ONLY CUNNINGHAM
Utilities
Heating system
Baseboard
Building Details
Year built
1972
Floors in Building
1
Number of units
4
Roof type
Composition
Listing Agency:
Redfin
(360) 558-3945
Listed By:
Frederick Sanchez
(360) 680-1462
Added: Jun 18
Changed: Aug 2
Last Checked: Aug 6 at 4:06PM
MLS# 617049718
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.
Well-maintained four-plex situated on a single tax lot across 3007 & 3009 E 33rd St and 3213 & 3215 Drummond Ave in Vancouver. The property sits on a corner lot (0.23 acres) and contains four residential units with approximately 780 square feet of living space each, for a total building size of 3,120 square feet. Each unit features a comfortable living room, two bedrooms, one full bathroom, and a kitchen with an eating area, with electric range, range hood, and refrigerator. Dedicated laundry closets include washer and dryer hookup(s). Updates throughout the units include refreshed kitchens and updated flooring, with interior materials including laminate hardwood, laminate, vinyl, and carpet. Heating is baseboard, with hot water heaters powered by electricity.
Exterior improvements include a roof with 30-year composition shingles and gutters installed around 2017. The property is connected to public water and sewer services. Built in 1972 and zoned R-9, it offers a functional, two-bedroom floor plan configuration in a convenient central Vancouver setting.
Exterior improvements include a roof with 30-year composition shingles and gutters installed around 2017. The property is connected to public water and sewer services. Built in 1972 and zoned R-9, it offers a functional, two-bedroom floor plan configuration in a convenient central Vancouver setting.
Key Highlights
- 0.23‑acre corner lot four‑plex on a single tax lot with four separate residential units
- Each unit offers approximately 780 SF with two bedrooms, one full bathroom, and an eating area kitchen
- Updated interiors with refreshed kitchens and updated flooring including laminate hardwood, laminate, vinyl, and carpet
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
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-plex on a corner lot zoned R-9 with four two-bedroom units and electric hot water/baseboard heat.
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: 0.23‑acre corner lot four‑plex on a single tax lot with four separate residential units; Each unit offers approximately 780 SF with two bedrooms, one full bathroom, and an eating area kitchen; Updated interiors with refreshed kitchens and updated flooring including laminate hardwood, laminate, vinyl, and carpet
