Duplex with Oversized
New
For Sale
$609,750
5704 NE 135TH Ave, Vancouver, WA 98682
MultiFamily, Vancouver, WA
Property Size2,520 SF
Lot Size0.11 Acres
Price / SF$241.96
Days on Market2
Property Features for 5704 NE 135TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MSN
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 2, Bathroom 5, Bathroom 2, Bedroom 6, Bedroom 4, Bathroom 6, Bathroom 1
Elementary school
Burnt Bridge
Middle school
Covington
High school
Heritage
Directions
135th Ave S
Subdivision
_22
Standard status
Active
APN
107820020
Size
2,520 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
HART LOT 10 SUB 2007 FOR ASSESSOR USE ONLY HART LOT 10 SUB 2007
Tax Annual Amount
5622
Legal Description
HART LOT 10 SUB 2007 FOR ASSESSOR USE ONLY HART LOT 10 SUB 2007
Utilities
Heating system
Zoned
Building Details
Year built
2005
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
AgencyOne NW
(360) 433-2627
Listed By:
Sutko Gojak · License #75583
(360) 521-4318
Added: Oct 4
Changed: Oct 5
Last Checked: Oct 5 at 3:06AM
MLS# 271273039
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2005 duplex contains 2,520 square feet across two residences, each with three bedrooms, 2.5 bathrooms, living areas, and a kitchen. Both units have a garage measuring over 600 square feet. One residence is vacant; the other has a rental history. The property sits on a 0.11-acre lot with no dividing fence between the units. Zoned heating and a composition roof are also noted.
Shopping, services, and commuter routes are accessible nearby. The property is zoned MSN.
Shopping, services, and commuter routes are accessible nearby. The property is zoned MSN.
Key Highlights
- Two residences, each with 3 bedrooms and 2.5 bathrooms
- 2,520 square feet of building area on 0.11 acres
- Each unit has a garage over 600 sq ft
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
$33,671
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
5.52%
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%
$673,420
$673.4K
Cap Rate 7%
$481,014
$481.0K
Cap Rate 9%
$374,122
$374.1K
Market Conditions
NOI Build-Up for 2,520 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
$50.5K $20.04/SF
− Vacancy
−$2.4K −$0.95/SF
EGI
$48.1K $19.09/SF
− OpEx
−$14.4K −$5.73/SF
NOI
$33.7K $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%
$673,420
Cap Rate 7%
$481,014
Cap Rate 9%
$374,122
Alternative Uses
Best Use
Multifamily LT 5
$481.0K
$420.9K – $561.2K
NOI $33,671 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$417.6K
$365.4K – $487.2K
NOI $29,231 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$616.6K
$539.5K – $719.3K
NOI $43,160 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
386
Businesses Nearby
Explore this area
Business Placement
Demographics for 98682, WA
65,434
Population
24,288
Households
2.7
Avg Household Size
35
Median Age
26%
College-Educated
92%
High-School Grad
28.5 sq mi
ZIP Area
2,296
Density / Sq Mi
$95,863
Median Household Income
$48,723
Median Earnings
$1,766
Median Rent
$442,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - One residence is vacant, while the other has an established rental history.
Where is this duplex located?
The property is located at 5704 NE 135TH Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $609,750.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2.5 bathrooms; 2,520 square feet of building area on 0.11 acres; Each unit has a garage over 600 sq ft
