Shorewood East Condo with
For Sale
$345,000
5575 E EVERGREEN BLVD #4212, Vancouver, WA 98661
Condo with city views, balcony, and convenient complex amenities.
Property Size1,093 SF
Price / SF$315.65
Days on Market377
Property Features for 5575 E EVERGREEN BLVD #4212
General Information
Standard status
Active
Size
1,093 SF
Property subtype
Condominium
Amenities
Baseboard
Wall Heater
Wall Unit
Dishwasher
Disposal
Free-Standing Range
Free-Standing Refrigerator
Microwave
Pantry
Composition
Building Details
Building Size
1,093 SF
Year Built
1972
Stories
1
Listing Agency:
Keller Williams Premier Partners
(360) 901-5550
Listed By:
Luke Ross · License #51793
(360) 901-5550
Source:
Kw
Added: Aug 10, 2025
Changed: Aug 19
Last Checked: Aug 20 at 7:31PM
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 Keller Williams Premier Partners
Investment Insights
Based on property information with market context.
This second-level front unit in Shorewood East offers panoramic city and territorial views, including sights of planes, trains, automobiles, and boats. Accessible via the north entrance, the condo features a galley-style kitchen with white cabinetry and butcher block counters, along with two large storage closets. The dining area is situated between the kitchen and a slider that opens to a private balcony. The living room has oversized windows providing natural light and showcasing the views. A centrally located full bath serves guests and the second bedroom. The primary bedroom includes a large closet and a primary bath accessed through a sliding barn door. An additional unit is available for rent on a daily or weekly basis for extra guests. The building provides a garbage chute in the main hall, an elevator to the first floor for laundry and mail, and security doors throughout.
Key Highlights
- Panoramic city and territorial views offer constant activity.
- Convenient main floor location with accessible north entrance.
- Primary bedroom features a huge closet and ensuite bathroom.
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
$12,678
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%
$253,560
$253.6K
Cap Rate 7%
$181,114
$181.1K
Cap Rate 9%
$140,867
$140.9K
Market Conditions
NOI Build-Up for 1,093 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
$24.3K $22.20/SF
− Vacancy
−$1.2K −$1.11/SF
EGI
$23.1K $21.09/SF
− OpEx
−$10.4K −$9.49/SF
NOI
$12.7K $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%
$253,560
Cap Rate 7%
$181,114
Cap Rate 9%
$140,867
Alternative Uses
Best Use
Apartment 5plus
$181.1K
$158.5K – $211.3K
NOI $12,678 @ 7.0% cap · market cap 3.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$267.4K
$234.0K – $312.0K
NOI $18,720 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
128
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
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 - Condo with city views, balcony, and convenient complex amenities.
Where is this apartment building located?
The property is located at 5575 E EVERGREEN BLVD #4212 Vancouver, WA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Panoramic city and territorial views offer constant activity.; Convenient main floor location with accessible north entrance.; Primary bedroom features a huge closet and ensuite bathroom.
