Renovated Triplex with
New
For Sale
$729,900
606 NW 78th St, Vancouver, WA 98665
Updated three-unit property with shared laundry, fenced yard, and adaptable garage space.
Property Size3,112 SF
Price / SF$234.54
Days on Market5
Property Features for 606 NW 78th St
General Information
Standard status
Active
Size
3,112 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Amenities
shared laundry
patio with gas hook-up
fruit trees
storage shed
automated sprinkler system
fully fenced yard
Building Details
Year Built
1953
Listing Agency:
Location Realty
(360) 607-6356
Listed By:
Guy Way · License #18486
Source:
Foxrealestategroups
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 25 at 4:38AM
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 Location Realty
Investment Insights
Based on property information with market context.
This 3,112-square-foot triplex, built in 1953, contains three current units. Two units offer two bedrooms, a common room, one bathroom, and a kitchen; the third includes one bedroom, a common room, one bathroom, and a kitchen. Interior improvements include newer main-level flooring, basement tile, fresh paint, updated cabinetry, quartz countertops, newer electrical wiring, and stainless-steel Energy Star appliances. The roof was replaced 4 years ago. Two units share laundry, while the unit above the garage has a stackable washer and dryer.
The property includes a second sewer hookup serving the unit over the garage. The garage may remain configured with additional living space or be converted back to an extra-deep garage. Outdoor features include a fenced backyard with a newer patio, gas BBQ hookup, fruit trees, blueberry bushes, storage shed, automated sprinkler system, RV gate, and separate pedestrian gate. Potential additional backyard units require buyer due diligence regarding permitting and required systems.
The property includes a second sewer hookup serving the unit over the garage. The garage may remain configured with additional living space or be converted back to an extra-deep garage. Outdoor features include a fenced backyard with a newer patio, gas BBQ hookup, fruit trees, blueberry bushes, storage shed, automated sprinkler system, RV gate, and separate pedestrian gate. Potential additional backyard units require buyer due diligence regarding permitting and required systems.
Key Highlights
- 3,112 SF triplex with 3 current units
- Two units with 2 bedrooms, common room, 1 bath, and kitchen; third with 1 bedroom, common room, 1 bath, and kitchen
- Roof replacement completed 4 years ago
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
$41,582
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
5.70%
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%
$831,640
$831.6K
Cap Rate 7%
$594,029
$594.0K
Cap Rate 9%
$462,022
$462.0K
Market Conditions
NOI Build-Up for 3,112 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
$62.4K $20.04/SF
− Vacancy
−$3.0K −$0.95/SF
EGI
$59.4K $19.09/SF
− OpEx
−$17.8K −$5.73/SF
NOI
$41.6K $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%
$831,640
Cap Rate 7%
$594,029
Cap Rate 9%
$462,022
Alternative Uses
Best Use
Multifamily LT 5
$594.0K
$519.8K – $693.0K
NOI $41,582 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$515.7K
$451.2K – $601.6K
NOI $36,098 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$761.4K
$666.2K – $888.3K
NOI $53,299 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 98665, WA
28,780
Population
11,894
Households
2.4
Avg Household Size
38
Median Age
29%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,889
Density / Sq Mi
$83,750
Median Household Income
$46,000
Median Earnings
$1,678
Median Rent
$447,700
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?
Triplex - Updated three-unit property with shared laundry, fenced yard, and adaptable garage space.
Where is this triplex located?
The property is located at 606 NW 78th St Vancouver, WA.
What is the asking price?
The asking price for this property is $729,900.
What are key features of this property?
This property features: 3,112 SF triplex with 3 current units; Two units with 2 bedrooms, common room, 1 bath, and kitchen; third with 1 bedroom, common room, 1 bath, and kitchen; Roof replacement completed 4 years ago
