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Property profile & analytics
OFF-MARKET
Estimated value
$1,130,000
Apartment buildings
2615 Neals Ln C5, Vancouver, WA 98661-5195
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US90-0018190
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1900
Total area
25,581 SF
Lot
2.29 ac (99,752 SF)
Zoning code
R-18 : VAN
APN
030452-000
UPID
US90-0018190
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Commercial & Investment Real Estate MLS (CIMLS) Real Estate Agency
-
Clark County Realty Group Property Management Company
-
Cedar Park Community Apartment Building
-
Detailed Maid Services Hardware & Home Improvement
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.04M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.23M
Blend (final)
Blend
$1.13M
Owner & transaction history
Cedar Park LLC · 14 yrs held
Cedar Park LLC
since 2012
3 recorded transactions
Zoning & alternative use
R-18 : VAN · Vancouver, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.7M
+47.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Vancouver submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Vancouver submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$1,035,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,175,000
Current use
OFFICE BUILDING
$1,740,000
Change: +48% · Conversion: Moderate
Blend value · Realmo final
$1.13M
Range $1.02M – $1.24M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$44 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$47,144
Tax year 2023
Assessed value
$5,052,000
Assessed 2023
Previous assessed
$4,592,700
+10.0% YoY
Effective rate
0.93%
On assessed value
Assessed land
$877,821
Assessed improvement
$4,174,179
Land market value
$877,821
Improvement market value
$4,174,179
Total market value
$5,052,000
Applied tax rate
10,000.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1900
Heating
BASEBOARD
Cooling
NONE
Buildings
18
Stories
1
Bathrooms
35
Total area
25,581 SF
Lot
2.29 ac (99,752 SF)
Zoning code
R-18 : VAN
APN
030452-000
UPID
US90-0018190
Jurisdiction
CLARK
Zoning & alternative use
R-18 : VAN · Vancouver, WA
Zoning R-18 : VAN · permitted uses
R-18 : VAN · Vancouver, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Vancouver. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.7M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Heating
BASEBOARD
Cooling
Yes
Stories
1
Buildings
18
Bathrooms
35
Lot
2.29 ac
Current owner
From public records · entity-resolved
Cedar Park LLC
Entity
Mailing address
PO BOX 2485, VANCOUVER, WA 98668-2485
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 9, 2012
$1,545,000
Cedar Park LLC
Paul J Nelson
Warranty Deed
$1,000,000 · Lacamas Community Credit Union
Jan 18, 2006
$1,800,000
Paul J Nelson
C & J Allen Family LP
Warranty Deed
$1,170,000 · Washington Federal Savings
Apr 26, 1990
—
Allen C G
Unknown
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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