Attached Two-Unit
For Sale
$898,900
4919 Northeast 2nd Court, Vancouver, WA 98663
Two attached homes offer modern finishes, fenced yards, and individually metered utilities.
Property Size3,106 SF
Price / SF$289.41
Days on Market343
Property Features for 4919 Northeast 2nd Court
General Information
Standard status
Active
Size
3,106 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
R-18
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 4BR/3BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,889
Amenities
9-foot ceilings
granite countertops
breakfast island
LED lighting
stainless steel appliances
ductless AC & heating
LVP flooring
dedicated office
walk-in closets
walk-in shower
fenced backyard
concrete patio
upstairs laundry with washer/dryer
2
Concrete Perimeter, Slab
Composition, Shingle
Board Batten Siding, Cement Siding
Building Details
Year Built
2022
Listing Agency:
Zenith Properties NW, LLC
(360) 721-2739
Listed By:
Jonathan Casares · License #139801
(360) 721-2739
Source:
Compass
Added: Sep 22, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:21AM
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 Zenith Properties NW, LLC
Investment Insights
Based on property information with market context.
This duplex includes two attached single-family homes at 4919 NE 2ND CT and 4915 NE 2ND CT, totaling 3106 square feet. Each residence provides 4 bedrooms, 3 baths, an upstairs laundry area with full-size washer and dryer, a dedicated office, fourth-bedroom, or media room, and a two-car garage with a 240-volt EV outlet. Interior features include 9-foot ceilings, granite countertops, breakfast islands, stainless steel appliances, LED lighting, ductless heating and cooling, and LVP flooring. Each home also includes a fenced backyard, concrete patio, and two-car parking pad.
The property is zoned R-18, permits rentals, and has no HOA dues. Water, sewer, garbage, and electric are individually metered for each unit, with occupants paying all utilities. The duplex is in Hazel Dell near I-5, HWY 14, Alki Park/Trail Walk, Vancouver Waterfront, Jantzen Beach, PDX International Airport, and the Moda Center. The homes are professionally managed by Zenith Properties NW LLC.
The property is zoned R-18, permits rentals, and has no HOA dues. Water, sewer, garbage, and electric are individually metered for each unit, with occupants paying all utilities. The duplex is in Hazel Dell near I-5, HWY 14, Alki Park/Trail Walk, Vancouver Waterfront, Jantzen Beach, PDX International Airport, and the Moda Center. The homes are professionally managed by Zenith Properties NW LLC.
Key Highlights
- Two‑unit attached duplex totaling 3106 square feet
- Each unit includes 4 bedrooms and 3 baths
- Two‑car garage, two‑car parking pad, and a 240‑volt EV outlet per unit
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
$41,501
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
4.62%
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%
$830,020
$830.0K
Cap Rate 7%
$592,871
$592.9K
Cap Rate 9%
$461,122
$461.1K
Market Conditions
NOI Build-Up for 3,106 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
$62.2K $20.04/SF
− Vacancy
−$3.0K −$0.95/SF
EGI
$59.3K $19.09/SF
− OpEx
−$17.8K −$5.73/SF
NOI
$41.5K $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%
$830,020
Cap Rate 7%
$592,871
Cap Rate 9%
$461,122
Alternative Uses
Best Use
Multifamily LT 5
$592.9K
$518.8K – $691.7K
NOI $41,501 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$514.7K
$450.4K – $600.5K
NOI $36,028 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$760.0K
$665.0K – $886.6K
NOI $53,197 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,091
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?
Duplex - Two attached homes offer modern finishes, fenced yards, and individually metered utilities.
Where is this duplex located?
The property is located at 4919 Northeast 2nd Court Vancouver, WA.
What is the asking price?
The asking price for this property is $898,900.
What are key features of this property?
This property features: Two‑unit attached duplex totaling 3106 square feet; Each unit includes 4 bedrooms and 3 baths; Two‑car garage, two‑car parking pad, and a 240‑volt EV outlet per unit
