Cash-Flow Duplex With Fenced
For Sale
$579,900
801 NE 104TH AVE, Vancouver, WA 98664
Duplex with two-bedroom, one-bath units on a large level lot with fenced backyards and newer windows and garage doors.
Property Size1,672 SF
Days on Market28
Property Features for 801 NE 104TH AVE
General Information
Standard status
Active
Size
1,672 SF
Property subtype
MULTI_FAMILY
Building Details
Building Size
1,672 SF
Year Built
1967
Listing Agency:
Zenith Properties NW, LLC
(360) 721-2739
Listed By:
Jonathan Casares
(360) 721-2739
Source:
Eleeterealestate
Added: Jul 15
Changed: Jul 31
Last Checked: Aug 10 at 9:34AM
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 Zenith Properties NW, LLC
Investment Insights
Based on property information with market context.
This cash-flow-ready duplex includes two residential units, each with two bedrooms and one bathroom. The property is fully leased-out with the currently leased unit through Feb 2027 and an option to renew. Each unit has a fenced-in backyard, and the duplex sits on a large, level lot with 100+ ft of road frontage. Recent improvements include newer windows and garage doors.
Utility and site details include a septic tank along with city water service, noted as having no sewer fees, and there is no HOA. The location is in the Forest Ridge neighborhood, with approximately 9 minutes to PDX International Airport and about 3 minutes to PeaceHealth. The property is within a quarter-mile radius of a major bus line (the Vine).
Additional considerations for buyers include the stated potential for development, with buyers to verify feasibility.
Utility and site details include a septic tank along with city water service, noted as having no sewer fees, and there is no HOA. The location is in the Forest Ridge neighborhood, with approximately 9 minutes to PDX International Airport and about 3 minutes to PeaceHealth. The property is within a quarter-mile radius of a major bus line (the Vine).
Additional considerations for buyers include the stated potential for development, with buyers to verify feasibility.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- Fully leased‑out unit through Feb 2027 with option to renew
- Large level lot with 100+ ft road frontage
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
$22,341
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
3.85%
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%
$446,820
$446.8K
Cap Rate 7%
$319,157
$319.2K
Cap Rate 9%
$248,233
$248.2K
Market Conditions
NOI Build-Up for 1,672 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
$33.5K $20.04/SF
− Vacancy
−$1.6K −$0.95/SF
EGI
$31.9K $19.09/SF
− OpEx
−$9.6K −$5.73/SF
NOI
$22.3K $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%
$446,820
Cap Rate 7%
$319,157
Cap Rate 9%
$248,233
Alternative Uses
Best Use
Multifamily LT 5
$319.2K
$279.3K – $372.4K
NOI $22,341 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$277.1K
$242.4K – $323.2K
NOI $19,394 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$409.1K
$358.0K – $477.3K
NOI $28,636 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 98664, WA
24,120
Population
9,656
Households
2.5
Avg Household Size
40
Median Age
34%
College-Educated
95%
High-School Grad
5.2 sq mi
ZIP Area
4,638
Density / Sq Mi
$81,697
Median Household Income
$46,754
Median Earnings
$1,670
Median Rent
$442,300
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?
Duplex - Duplex with two-bedroom, one-bath units on a large level lot with fenced backyards and newer windows and garage doors.
Where is this duplex located?
The property is located at 801 NE 104TH AVE Vancouver, WA.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; Fully leased‑out unit through Feb 2027 with option to renew; Large level lot with 100+ ft road frontage
