Leased Duplex with
New
For Sale
$800,000
4337 NE 87th St, Vancouver, WA 98665
Both units are leased and feature quartz counters, stainless steel appliances, and durable laminate flooring.
Property Size3,305 SF
Price / SF$242.06
Days on Market4
Property Features for 4337 NE 87th St
General Information
Standard status
Active
Size
3,305 SF
Property subtype
Multi-Family
Building Details
Year Built
2019
Listing Agency:
Windermere Northwest Living
Listed By:
John D. Blom
(360) 816-2600
Source:
Basedinbham
Added: Sep 4
Last Checked: Sep 7 at 12:56PM
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 Windermere Northwest Living
Investment Insights
Based on property information with market context.
Completed in 2019, this 3,305-square-foot duplex comprises two tax parcels. Each unit offers three bedrooms, two and a half bathrooms, and a two-car garage, with quartz countertops in the kitchen and primary bath, stainless steel appliances, and durable laminate flooring. Both units are currently leased.
The property is positioned in central Vancouver near Costco and Luke Jensen Park, with access to Padden Parkway, I-5, and I-205.
The property is positioned in central Vancouver near Costco and Luke Jensen Park, with access to Padden Parkway, I-5, and I-205.
Key Highlights
- 3,305‑square‑foot duplex completed in 2019
- Two tax parcels with both units currently leased
- Each unit includes 3 bedrooms, 2.5 bathrooms, and a 2‑car garage
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
$44,160
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
5.52%
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%
$883,200
$883.2K
Cap Rate 7%
$630,857
$630.9K
Cap Rate 9%
$490,667
$490.7K
Market Conditions
NOI Build-Up for 3,305 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
$66.2K $20.04/SF
− Vacancy
−$3.1K −$0.95/SF
EGI
$63.1K $19.09/SF
− OpEx
−$18.9K −$5.73/SF
NOI
$44.2K $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%
$883,200
Cap Rate 7%
$630,857
Cap Rate 9%
$490,667
Alternative Uses
Best Use
Multifamily LT 5
$630.9K
$552.0K – $736.0K
NOI $44,160 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$547.7K
$479.2K – $638.9K
NOI $38,336 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$808.6K
$707.6K – $943.4K
NOI $56,605 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,132
Businesses Nearby
Explore this area
Business Placement
Demographics for 98665, WA
28,780
Population
11,894
Households
2.4
Avg Household Size
38
Median Age
29%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,889
Density / Sq Mi
$83,750
Median Household Income
$46,000
Median Earnings
$1,678
Median Rent
$447,700
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 - Both units are leased and feature quartz counters, stainless steel appliances, and durable laminate flooring.
Where is this duplex located?
The property is located at 4337 NE 87th St Vancouver, WA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 3,305‑square‑foot duplex completed in 2019; Two tax parcels with both units currently leased; Each unit includes 3 bedrooms, 2.5 bathrooms, and a 2‑car garage
