Updated Three-Bedroom
For Sale
$795,000
8015 Ne 117th Ave, Vancouver, WA 98662
Fully occupied multifamily property with refreshed exterior components and interior flooring.
Property Size3,600 SF
Price / SF$220.83
Days on Market13
Property Features for 8015 Ne 117th Ave
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1970
Listing Agency:
Pounder Realty LLC
(503) 680-4638
Listed By:
Grayson Pounder · License #200008193
Source:
Portlandoregonhomelistings
Added: Aug 20
Changed: Aug 31
Last Checked: Sep 1 at 8:02PM
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 Pounder Realty LLC
Investment Insights
Based on property information with market context.
This 3,600-square-foot triplex contains three-bedroom townhome units and is fully occupied. The 1970-built property has received several recent improvements, including new roofing, windows, siding, and replacement flooring inside the units.
The property is located at 8015 NE 117th Ave in Vancouver, Washington. Its townhome configuration and current occupancy provide a straightforward multifamily ownership profile, while the updated exterior and interior finishes support continued residential use. A neighboring duplex is also available, creating a potential opportunity to evaluate both properties together.
The property is located at 8015 NE 117th Ave in Vancouver, Washington. Its townhome configuration and current occupancy provide a straightforward multifamily ownership profile, while the updated exterior and interior finishes support continued residential use. A neighboring duplex is also available, creating a potential opportunity to evaluate both properties together.
Key Highlights
- Three‑bedroom townhome configuration across three units
- 3,600 SF triplex built in 1970
- Fully occupied at present
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
$48,102
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
6.05%
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%
$962,040
$962.0K
Cap Rate 7%
$687,171
$687.2K
Cap Rate 9%
$534,467
$534.5K
Market Conditions
NOI Build-Up for 3,600 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
$72.1K $20.04/SF
− Vacancy
−$3.4K −$0.95/SF
EGI
$68.7K $19.09/SF
− OpEx
−$20.6K −$5.73/SF
NOI
$48.1K $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%
$962,040
Cap Rate 7%
$687,171
Cap Rate 9%
$534,467
Alternative Uses
Best Use
Multifamily LT 5
$687.2K
$601.3K – $801.7K
NOI $48,102 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$596.5K
$522.0K – $696.0K
NOI $41,758 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$880.8K
$770.7K – $1.03M
NOI $61,657 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 98662, WA
37,134
Population
14,609
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
13.0 sq mi
ZIP Area
2,856
Density / Sq Mi
$91,883
Median Household Income
$45,847
Median Earnings
$1,685
Median Rent
$424,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied multifamily property with refreshed exterior components and interior flooring.
Where is this triplex located?
The property is located at 8015 Ne 117th Ave Vancouver, WA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Three‑bedroom townhome configuration across three units; 3,600 SF triplex built in 1970; Fully occupied at present
