Remodeled Triplex with
New
For Sale
$665,000
4522 PACIFIC Ave, Vancouver, WA 98663
MultiFamily, Vancouver, WA
Property Size2,289 SF
Lot Size0.28 Acres
Price / SF$290.52
Days on Market3
Property Features for 4522 PACIFIC Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-18
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5
View
Territorial
Elementary school
Lincoln
Middle school
Discovery
High school
Hudsons Bay
Directions
Main St; West on 45th St; North on Pacific Ave
Subdivision
_14
Standard status
Active
APN
037918044
Size
2,289 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
PACIFIC TERRACE ADJ LOT 19 FOR ASSESSOR USE ONLY S 30 FT OF LOT 1
Tax Annual Amount
3620
Legal Description
PACIFIC TERRACE ADJ LOT 19 FOR ASSESSOR USE ONLY S 30 FT OF LOT 1
Amenities
storage rooms
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Keller Williams Realty
(360) 693-3336
Listed By:
John Rose
(360) 903-3466
Added: Aug 27
Changed: Aug 29
Last Checked: Aug 29 at 12:06PM
MLS# 715530334
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 remodeled triplex contains 2,289 square feet across three residential units. The configuration includes one 1,000-square-foot unit with three bedrooms and two 640-square-foot one-bedroom units. Garage space provides additional storage rooms, while the composition roof serves the property. The 0.28-acre lot offers more than 12,000 square feet of land.
Located in Vancouver’s Lincoln neighborhood, the property is close to Main Street and downtown Vancouver. R-18 zoning and the existing three-unit layout support its multifamily profile. The building dates to 1900.
Located in Vancouver’s Lincoln neighborhood, the property is close to Main Street and downtown Vancouver. R-18 zoning and the existing three-unit layout support its multifamily profile. The building dates to 1900.
Key Highlights
- Three‑unit multifamily property totaling 2,289 square feet
- Unit mix includes one 1000 sqft three‑bedroom unit and two 640 sqft one‑bedroom units
- Remodeled triplex with garage space used as storage rooms
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
$30,585
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
4.60%
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%
$611,700
$611.7K
Cap Rate 7%
$436,929
$436.9K
Cap Rate 9%
$339,833
$339.8K
Market Conditions
NOI Build-Up for 2,289 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
$45.9K $20.04/SF
− Vacancy
−$2.2K −$0.95/SF
EGI
$43.7K $19.09/SF
− OpEx
−$13.1K −$5.73/SF
NOI
$30.6K $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%
$611,700
Cap Rate 7%
$436,929
Cap Rate 9%
$339,833
Alternative Uses
Best Use
Multifamily LT 5
$436.9K
$382.3K – $509.8K
NOI $30,585 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$379.3K
$331.9K – $442.5K
NOI $26,551 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$560.1K
$490.1K – $653.4K
NOI $39,204 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
355
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?
Triplex - Three residential units include one three-bedroom layout and two one-bedroom layouts in Vancouver’s Lincoln neighborhood.
Where is this triplex located?
The property is located at 4522 PACIFIC Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 2,289 square feet; Unit mix includes one 1000 sqft three‑bedroom unit and two 640 sqft one‑bedroom units; Remodeled triplex with garage space used as storage rooms
