6-Unit Apartment Property with
New
For Sale
$1,100,000
4815 NE Hazel Dell Ave, Vancouver, WA 98663
Occupied multifamily property combining three residential structures on an R-18 zoned lot near Main Street amenities.
Property Size5,595 SF
Price / SF$196.60
Days on Market3
Property Features for 4815 NE Hazel Dell Ave
General Information
Standard status
Active
Size
5,595 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
TEC Real Estate Inc.
(360) 338-8355
Listed By:
Ron Rougeaux · License #NWM94733
(360) 338-8355
Source:
Pnwhomesgroup
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 3:17PM
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 TEC Real Estate Inc.
Investment Insights
Based on property information with market context.
This 6-unit apartment property comprises a two-story four-plex, a detached cottage with carport, and a separate two-story house. The property contains 5,595 square feet on a 0.5-acre R-18 zoned lot, with an unfinished 1,127-square-foot basement in the house excluded from the total. All units are occupied, and the property is being sold AS-IS.
Located just off Main Street in Vancouver, the property provides access to nearby amenities. Unit #2 has an owner-paid electric arrangement and supplies hot water to all units. Existing rents are described as below market in several units, while the property has a documented maintenance and rental history.
Located just off Main Street in Vancouver, the property provides access to nearby amenities. Unit #2 has an owner-paid electric arrangement and supplies hot water to all units. Existing rents are described as below market in several units, while the property has a documented maintenance and rental history.
Key Highlights
- Six occupied residential units across a four‑plex, cottage, and house
- 5,595 square feet on a 0.5‑acre R‑18 zoned lot
- Two‑story four‑plex plus detached cottage with carport and two‑story house
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
$64,899
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
5.90%
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%
$1,297,980
$1.3M
Cap Rate 7%
$927,129
$927.1K
Cap Rate 9%
$721,100
$721.1K
Market Conditions
NOI Build-Up for 5,595 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
$124.2K $22.20/SF
− Vacancy
−$6.2K −$1.11/SF
EGI
$118.0K $21.09/SF
− OpEx
−$53.1K −$9.49/SF
NOI
$64.9K $11.60/SF
Area
Vancouver, WA
Vacancy
5.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,297,980
Cap Rate 7%
$927,129
Cap Rate 9%
$721,100
Alternative Uses
Best Use
Apartment 5plus
$927.1K
$811.2K – $1.08M
NOI $64,899 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,826 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
256
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Occupied multifamily property combining three residential structures on an R-18 zoned lot near Main Street amenities.
Where is this apartment building located?
The property is located at 4815 NE Hazel Dell Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Six occupied residential units across a four‑plex, cottage, and house; 5,595 square feet on a 0.5‑acre R‑18 zoned lot; Two‑story four‑plex plus detached cottage with carport and two‑story house
