Duplex With Leases Through
For Sale
$800,000
4337 NE 87TH St, Vancouver, WA 98665
MULTI_FAMILY - Vancouver, WA
Property Size3,305 SF
Lot Size0.06 Acres
Price / SF$242.06
Days on Market92
Property Features for 4337 NE 87TH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-18
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bedroom 6, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 6, Bedroom 5, Bathroom 3
Elementary school
Hazel Dell
Middle school
Gaiser
High school
Skyview
Directions
St. Johns to NE 88th St
Subdivision
_42
Standard status
Active
APN
986047319
Size
3,305 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
FLATS ON 88TH LOT 11 311985 FOR ASSESSOR USE ONLY FLATS ON 88TH L
Tax Annual Amount
4049
Legal Description
FLATS ON 88TH LOT 11 311985 FOR ASSESSOR USE ONLY FLATS ON 88TH L
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2019
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Windermere Northwest Living · Windermere Real Estate
(360) 993-2222
Listed By:
John Blom
(360) 977-8329
Added: May 21
Changed: Aug 13
Last Checked: Aug 20 at 7:06PM
MLS# 259881625
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.
This turn-key duplex investment property was built in 2019 and includes forced air heating and central air conditioning. Both units are currently leased, with leases running through 2027. Each unit offers three bedrooms and 2.5 bathrooms, along with a two-car garage. Interior finishes include quartz counters in the kitchen and primary bath, stainless steel appliances, and durable laminate floors.
The property sits on a 0.06-acre lot and totals 3,305 square feet. Located in central Vancouver, it is near Costco and Luke Jensen Park, with easy access to Padden Parkway, I-5, and I-205. The available financials include a stated 4.9% cap rate (details available upon request).
The property sits on a 0.06-acre lot and totals 3,305 square feet. Located in central Vancouver, it is near Costco and Luke Jensen Park, with easy access to Padden Parkway, I-5, and I-205. The available financials include a stated 4.9% cap rate (details available upon request).
Key Highlights
- Both units leased with leases running through 2027
- Stated 4.9% cap rate
- Each unit has three bedrooms and 2.5 bathrooms
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
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
317
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 - R-18 zoned duplex built in 2019 with central air and both units leased through 2027.
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: Both units leased with leases running through 2027; Stated 4.9% cap rate; Each unit has three bedrooms and 2.5 bathrooms
