Updated Two-Unit
New
For Sale
$479,900
3109 N ST, Vancouver, WA 98663
Remodeled residences offer private utility rooms, covered parking, and separate kitchens with solid-surface counters.
Property Size2,000 SF
Price / SF$239.95
Days on Market2
Property Features for 3109 N ST
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Highway Access
Yes
Building Details
Year Built
1972
Year Renovated
2018
Listing Agency:
Pete Anderson Realty Assoc, Inc
Listed By:
The Reger Group · License #.
(503) 893-2022
Source:
Searchpnwhouses
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 9:05AM
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 Pete Anderson Realty Assoc, Inc
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,000 square feet in total, with each residence measuring 1,000 square feet. Both units offer two bedrooms, one bathroom, a living room, dining area, kitchen, indoor utility room with washer and dryer hookups, and a covered one-car carport. Kitchen appliances include a dishwasher, range, and refrigerator, while solid-surface counters add to the kitchen finish package.
The units were remodeled in 2017/2018 with bathroom updates, carpet and vinyl flooring, light fixtures, bedroom doors, and closet doors. Additional work includes a new roof, a complete attic overhaul with new insulation in 2026, fresh interior paint in 2025/2023, exterior doors installed in 2022, and landscaping with a retaining wall completed in 2020. Built in 1972, the property is near Clark College, the VA Hospital, downtown Vancouver, I-5, and Portland.
The units were remodeled in 2017/2018 with bathroom updates, carpet and vinyl flooring, light fixtures, bedroom doors, and closet doors. Additional work includes a new roof, a complete attic overhaul with new insulation in 2026, fresh interior paint in 2025/2023, exterior doors installed in 2022, and landscaping with a retaining wall completed in 2020. Built in 1972, the property is near Clark College, the VA Hospital, downtown Vancouver, I-5, and Portland.
Key Highlights
- Two‑unit duplex with 2,000 square feet total
- Each unit includes 2 bedrooms, 1 bathroom, and 1,000 square feet
- Remodeling completed in 2017/2018
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
$26,723
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
5.57%
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%
$534,460
$534.5K
Cap Rate 7%
$381,757
$381.8K
Cap Rate 9%
$296,922
$296.9K
Market Conditions
NOI Build-Up for 2,000 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
$40.1K $20.04/SF
− Vacancy
−$1.9K −$0.95/SF
EGI
$38.2K $19.09/SF
− OpEx
−$11.5K −$5.73/SF
NOI
$26.7K $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%
$534,460
Cap Rate 7%
$381,757
Cap Rate 9%
$296,922
Alternative Uses
Best Use
Multifamily LT 5
$381.8K
$334.0K – $445.4K
NOI $26,723 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$331.4K
$290.0K – $386.7K
NOI $23,199 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$489.3K
$428.2K – $570.9K
NOI $34,254 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 98663, WA
15,188
Population
6,753
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,704
Density / Sq Mi
$84,590
Median Household Income
$47,747
Median Earnings
$1,538
Median Rent
$430,900
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 - Remodeled residences offer private utility rooms, covered parking, and separate kitchens with solid-surface counters.
Where is this duplex located?
The property is located at 3109 N ST Vancouver, WA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,000 square feet total; Each unit includes 2 bedrooms, 1 bathroom, and 1,000 square feet; Remodeling completed in 2017/2018
