7-Unit Apartment
For Sale
$950,000
504 W Evergreen Blvd W, Vancouver, WA 98660
Downtown apartment property with six studios, one one-bedroom unit, solar panels, and hardwood flooring.
Property Size2,790 SF
Price / SF$340.50
Days on Market35
Property Features for 504 W Evergreen Blvd W
General Information
Standard status
Active
Size
2,790 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x studio, 1 x 1BR
Multifamily Units
7
Amenities
solar panels
hardwood floors
Building Details
Year Built
1910
Listing Agency:
The Phillips Group Inc
(360) 798-6058
Listed By:
Elaine Armstrong · License #9556
Source:
Wisser
Added: Jul 29
Changed: Aug 31
Last Checked: Aug 31 at 7:21PM
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 The Phillips Group Inc
Investment Insights
Based on property information with market context.
This 2,790-square-foot apartment property contains seven units, including six studio apartments and one one-bedroom residence. Built in 1910, the building features hardwood floors and solar panels. The landlord pays all utilities, providing a centralized utility arrangement across the property.
The property is located at 504 W Evergreen Blvd W in downtown Vancouver, one block from the Farmers Market and Esther Short Park. The Vancouver Waterfront is nearby, and Jantzen Beach is minutes away. Showings are available by appointment only.
The property is located at 504 W Evergreen Blvd W in downtown Vancouver, one block from the Farmers Market and Esther Short Park. The Vancouver Waterfront is nearby, and Jantzen Beach is minutes away. Showings are available by appointment only.
Key Highlights
- Seven‑unit apartment property with six studios and one one‑bedroom unit
- 2,790 SF building constructed in 1910
- Landlord pays all 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
$32,363
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
3.41%
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%
$647,260
$647.3K
Cap Rate 7%
$462,329
$462.3K
Cap Rate 9%
$359,589
$359.6K
Market Conditions
NOI Build-Up for 2,790 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
$61.9K $22.20/SF
− Vacancy
−$3.1K −$1.11/SF
EGI
$58.8K $21.09/SF
− OpEx
−$26.5K −$9.49/SF
NOI
$32.4K $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%
$647,260
Cap Rate 7%
$462,329
Cap Rate 9%
$359,589
Alternative Uses
Best Use
Apartment 5plus
$462.3K
$404.5K – $539.4K
NOI $32,363 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$682.6K
$597.3K – $796.4K
NOI $47,784 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
3,574
Businesses Nearby
Explore this area
Business Placement
Demographics for 98660, WA
12,735
Population
7,048
Households
1.8
Avg Household Size
39
Median Age
38%
College-Educated
91%
High-School Grad
15.3 sq mi
ZIP Area
832
Density / Sq Mi
$65,147
Median Household Income
$51,895
Median Earnings
$1,408
Median Rent
$444,300
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?
Apartment building - Downtown apartment property with six studios, one one-bedroom unit, solar panels, and hardwood flooring.
Where is this apartment building located?
The property is located at 504 W Evergreen Blvd W Vancouver, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Seven‑unit apartment property with six studios and one one‑bedroom unit; 2,790 SF building constructed in 1910; Landlord pays all utilities
