Multifamily Property with Attached
For Sale
$4,879,000
4943 Northeast 2nd Court, Vancouver, WA 98663
Attached residences feature private garages, fenced yards, and full-size laundry in each home.
Property Size15,442 SF
Price / SF$315.96
Days on Market319
Property Features for 4943 Northeast 2nd Court
General Information
Standard status
Active
Size
15,442 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
10 x 4BR/3BA
Multifamily Units
10
Parking per Unit
4
Taxes and HOA fees
Annual Taxes
$4,183
Amenities
upstairs laundry
EV outlet
walk-in closets
granite vanity
walk-in shower
9-foot ceilings
granite countertops
breakfast island
LED lighting
stainless steel appliances
ductless AC/heating
LVP flooring
dedicated office/media room
fenced backyard
concrete patio
low-maintenance yards
2
Concrete Perimeter, Slab
Composition, Shingle
Board Batten Siding, Cement Siding
Building Details
Year Built
2022
Buildings
10
Listing Agency:
Zenith Properties NW, LLC
(360) 721-2739
Listed By:
Jonathan Casares · License #139801
(360) 721-2739
Source:
Compass
Added: Oct 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:13AM
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 multifamily offering comprises 10 single-family attached homes in Hazel Dell. Each residence includes 4 bedrooms, 3 baths, an upstairs laundry area with a full-size washer and dryer, a 2-car garage, and a 2-car parking pad. Interior features include 9-foot ceilings, granite countertops, a breakfast island, LED lighting, stainless steel appliances, ductless AC and heating, LVP flooring, and an office, fourth bedroom, or media room. Primary suites include walk-in closets, granite vanities, and walk-in showers.
The homes are located on Northeast 2nd Court near I-5 and Highway 14, with access to Vancouver Waterfront, Jantzen Beach, PDX International Airport, and the Moda Center. Alki Park/Trail Walk is within walking distance. The property is zoned R-18, rentals are allowed, and each residence is individually metered for water, sewer, garbage, and electric. Additional features include fenced backyards, concrete patios, all-electric systems, low-maintenance yards, and a dead-end cul-de-sac setting.
The homes are located on Northeast 2nd Court near I-5 and Highway 14, with access to Vancouver Waterfront, Jantzen Beach, PDX International Airport, and the Moda Center. Alki Park/Trail Walk is within walking distance. The property is zoned R-18, rentals are allowed, and each residence is individually metered for water, sewer, garbage, and electric. Additional features include fenced backyards, concrete patios, all-electric systems, low-maintenance yards, and a dead-end cul-de-sac setting.
Key Highlights
- 10 single‑family attached homes included in the offering
- Each home includes 4 bedrooms, 3 baths, a 2‑car garage, and a 2‑car parking pad
- Individual metering for water, sewer, garbage, and electric; occupants pay utilities
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
$179,119
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
3.67%
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%
$3,582,380
$3.6M
Cap Rate 7%
$2,558,843
$2.6M
Cap Rate 9%
$1,990,211
$2.0M
Market Conditions
NOI Build-Up for 15,442 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
$342.8K $22.20/SF
− Vacancy
−$17.1K −$1.11/SF
EGI
$325.7K $21.09/SF
− OpEx
−$146.6K −$9.49/SF
NOI
$179.1K $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%
$3,582,380
Cap Rate 7%
$2,558,843
Cap Rate 9%
$1,990,211
Alternative Uses
Best Use
Apartment 5plus
$2.56M
$2.24M – $2.99M
NOI $179,119 @ 7.0% cap · market cap 3.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,475 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
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?
Multifamily property - Attached residences feature private garages, fenced yards, and full-size laundry in each home.
Where is this multifamily property located?
The property is located at 4943 Northeast 2nd Court Vancouver, WA.
What is the asking price?
The asking price for this property is $4,879,000.
What are key features of this property?
This property features: 10 single‑family attached homes included in the offering; Each home includes 4 bedrooms, 3 baths, a 2‑car garage, and a 2‑car parking pad; Individual metering for water, sewer, garbage, and electric; occupants pay utilities
