Renovated Triplex with Fenced
For Sale
$729,900
606 NW 78TH St, Vancouver, WA 98665
MULTI_FAMILY - Vancouver, WA
Property Size3,112 SF
Lot Size0.28 Acres
Price / SF$234.54
Days on Market102
Property Features for 606 NW 78TH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1-7.5
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 3
Subdivision
CASCADE VIEW TERRACE
Elementary school
Eisenhower
Middle school
Jason Lee
High school
Columbia River
Directions
HWY 5, west on 78th ST
Standard status
Active
APN
097975090
Size
3,112 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
CASCADE VIEW TERRACE LOT 9 BLK 1 FOR ASSESSOR USE ONLY CASCADE VI
Tax Annual Amount
6610
Legal Description
CASCADE VIEW TERRACE LOT 9 BLK 1 FOR ASSESSOR USE ONLY CASCADE VI
Utilities
Heating system
Forced Air
Amenities
laundry
patio
fenced yard
storage shed
fruit trees
blueberry bushes
Building Details
Year built
1953
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Location Realty
(360) 718-2998
Listed By:
Guy Way · License #18486
(360) 607-6356
Added: May 2
Changed: Aug 5
Last Checked: Aug 11 at 8:06PM
MLS# 605037000
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 3,112-square-foot triplex on a 0.28-acre lot includes three current units, shared laundry serving two units, and a stackable washer and dryer in the unit above the garage. Interior improvements include newer main-level flooring, tile in the basement, fresh paint, updated cabinetry, quartz countertops in the kitchens and bathrooms, newer electrical wiring, and Energy Star-rated stainless steel appliances. Forced-air heating supports the property, and the composition roof was replaced four years ago.
The fully fenced backyard includes a large lawn, newer patio with a gas BBQ connection, fruit trees, blueberry bushes, an automated sprinkler system, and a sizable storage shed. An RV gate provides east-side access, with a separate pedestrian gate on the west. The garage may remain configured with additional living space or be converted back to an extra-deep garage. The property is zoned R1-7.5 and is located at 606 NW 78th St in Vancouver, Washington.
The fully fenced backyard includes a large lawn, newer patio with a gas BBQ connection, fruit trees, blueberry bushes, an automated sprinkler system, and a sizable storage shed. An RV gate provides east-side access, with a separate pedestrian gate on the west. The garage may remain configured with additional living space or be converted back to an extra-deep garage. The property is zoned R1-7.5 and is located at 606 NW 78th St in Vancouver, Washington.
Key Highlights
- Three current residential units within a 3,112‑square‑foot property
- 0.28‑acre lot with fully fenced backyard and RV gate
- Quartz counters, updated cabinets, newer flooring, and fresh interior paint
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
Yes
Utilities to site
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 interiors feature quartz counters, stainless steel appliances, and newer flooring.
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: Three current residential units within a 3,112‑square‑foot property; 0.28‑acre lot with fully fenced backyard and RV gate; Quartz counters, updated cabinets, newer flooring, and fresh interior paint
