10800 7Th St Vancouver, WA 98664

Property Details for 10800 7Th St

Year built

1968

Lot size

0.45 lot acres

Property size

4,464 SF

Property type

Commercial real estate

Description

This exceptional six-unit apartment building, located at 10800 NE 7th St, Vancouver, WA 98664, presents a compelling investment opportunity. Boasting a 100% occupancy rate and recently completed renovations in 2024, this property offers immediate cash flow and significant upside potential. The building comprises 4,464 square feet on a 0.45-acre lot and features six two-bedroom, one-bathroom units, each with a private backyard and in-unit laundry. Recent upgrades include new flooring, paint, bathrooms, kitchens, a new roof with updated ventilation, a resurfaced parking lot, and enhanced landscaping. Five of the six units have undergone these extensive renovations. The property's prime location in Northeast Vancouver, near I-205, provides convenient access to numerous amenities, including grocery stores and restaurants. The surrounding neighborhood is experiencing significant revitalization, further enhancing the property's value and desirability. Financial highlights include a current NOI of $71,802 and a pro-forma NOI of $87,462, translating to a current cap rate of 6.56% and a pro-forma cap rate of 7.99%. The asking price is $1,094,545.27, representing a price per unit of $182,424.21 and a price per square foot of $245.19. The property was built in 1968 and is a single-story building. The seller is open to financing options. This is a rare opportunity to acquire a high-performing, well-maintained multifamily asset in a rapidly appreciating market.