Contemporary Triplex with
New
For Sale
$1,360,000
4811 NE 37TH CT, Vancouver, WA 98661
Three modern residences offer open layouts, private outdoor space, and individual garage parking in Vancouver.
Property Size4,952 SF
Days on Market6
Property Features for 4811 NE 37TH CT
General Information
Standard status
Active
Size
4,952 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$12,053
Building Details
Building Size
4,952 SF
Year Built
2023
Listing Agency:
Realty One Group Prestige
Listed By:
Lauren Greenfield · License #120009
(360) 449-2142
Source:
Currangrouprealtors
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 14 at 9:00AM
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 Realty One Group Prestige
Investment Insights
Based on property information with market context.
Completed in 2023, this fully leased triplex includes three residences with open-concept kitchen and living areas. Each unit features luxury vinyl plank flooring on the main level, quartz countertops, stainless-steel appliances, an in-unit washer and dryer, a refrigerator, and blinds. Private backyards, two-car garages, and dedicated driveway parking are provided for each home.
The property is located in Vancouver with access to SR-500 and I-5. The three units were originally established as individual tax parcels before being combined into one configuration. Subject to applicable requirements, including ownership free of a mortgage and current property taxes, the owner may pursue a lot reconfiguration request through a GIS form to restore the separate parcels. HOA coverage includes routine roof and gutter cleaning.
The property is located in Vancouver with access to SR-500 and I-5. The three units were originally established as individual tax parcels before being combined into one configuration. Subject to applicable requirements, including ownership free of a mortgage and current property taxes, the owner may pursue a lot reconfiguration request through a GIS form to restore the separate parcels. HOA coverage includes routine roof and gutter cleaning.
Key Highlights
- Built in 2023 and fully leased triplex
- Three units with open kitchen and living areas
- Each residence includes a private backyard and two‑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
$66,167
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
4.87%
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%
$1,323,340
$1.3M
Cap Rate 7%
$945,243
$945.2K
Cap Rate 9%
$735,189
$735.2K
Market Conditions
NOI Build-Up for 4,952 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
$99.2K $20.04/SF
− Vacancy
−$4.7K −$0.95/SF
EGI
$94.5K $19.09/SF
− OpEx
−$28.4K −$5.73/SF
NOI
$66.2K $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%
$1,323,340
Cap Rate 7%
$945,243
Cap Rate 9%
$735,189
Alternative Uses
Best Use
Multifamily LT 5
$945.2K
$827.1K – $1.10M
NOI $66,167 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$820.6K
$718.0K – $957.4K
NOI $57,441 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,813 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
126
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three modern residences offer open layouts, private outdoor space, and individual garage parking in Vancouver.
Where is this triplex located?
The property is located at 4811 NE 37TH CT Vancouver, WA.
What is the asking price?
The asking price for this property is $1,360,000.
What are key features of this property?
This property features: Built in 2023 and fully leased triplex; Three units with open kitchen and living areas; Each residence includes a private backyard and two‑car garage
