2023 Triplex with Private
New
For Sale
$1,360,000
4811 NE 37TH Ct, Vancouver, WA 98661
MultiFamily, Vancouver, WA
Property Size4,952 SF
Lot Size0.17 Acres
Price / SF$274.64
Days on Market2
Property Features for 4811 NE 37TH Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-18
Bedrooms
9
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 6, Bathroom 5, Bathroom 7, Bedroom 6, Bedroom 1, Bedroom 9, Bathroom 9, Bedroom 4, Bedroom 5, Bathroom 4, Bedroom 7, Bathroom 2, Bathroom 8, Bedroom 3, Bedroom 8, Bathroom 3, Bathroom 1, Bedroom 2
Elementary school
Truman
Middle school
Gaiser
High school
Fort Vancouver
Directions
N on NE St Johns Rd., E on NE 49th St., S on NE 37th Ct., property on left
Subdivision
_15
Standard status
Active
APN
986061158
Size
4,952 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
GOLDFINCH LANE LOTS 3,4,5 312206
Tax Annual Amount
12054
Legal Description
GOLDFINCH LANE LOTS 3,4,5 312206
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
in-unit washer/dryer
refrigerator
blinds throughout
private backyard
Building Details
Year built
2023
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Realty One Group Prestige
(503) 205-0614
Listed By:
Lauren Greenfield · License #120009
(360) 449-2142
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 7:06PM
MLS# 403712133
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.
Completed in 2023, this 4,952-square-foot triplex includes three fully rented units on a 0.17-acre site with R-18 zoning. Each residence features an open kitchen and living area, luxury vinyl plank flooring on the main level, quartz countertops, stainless-steel appliances, blinds, and an in-unit washer and dryer. Refrigerators are included as well.
Each unit has a private backyard, a two-car garage, and dedicated driveway parking. Heat pump systems provide heating and cooling, while the composition roof is supported by HOA-covered routine roof and gutter cleaning. The property is positioned in Vancouver with convenient connections to SR-500 and I-5.
The improvements were originally platted as three individual tax parcels before being combined. A future lot reconfiguration request may be possible after the property is owned free of a mortgage and taxes are current, subject to applicable jurisdictional requirements.
Each unit has a private backyard, a two-car garage, and dedicated driveway parking. Heat pump systems provide heating and cooling, while the composition roof is supported by HOA-covered routine roof and gutter cleaning. The property is positioned in Vancouver with convenient connections to SR-500 and I-5.
The improvements were originally platted as three individual tax parcels before being combined. A future lot reconfiguration request may be possible after the property is owned free of a mortgage and taxes are current, subject to applicable jurisdictional requirements.
Key Highlights
- 2023‑built triplex with 4,952 square feet on 0.17 acres
- Three fully rented units with R‑18 zoning
- Each unit 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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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
395
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three fully rented homes offer contemporary finishes, private outdoor space, and convenient access to SR-500 and I-5.
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: 2023‑built triplex with 4,952 square feet on 0.17 acres; Three fully rented units with R‑18 zoning; Each unit includes a private backyard and two‑car garage
