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Multifamily

Value Add 4- Plex in Vancouver

3404 E Evergreen Blvd, Vancouver, WA 98661

Listing Price: $720,000

Cap Rate
2.72%
Number of Units
4
GRM
22.77
Occupancy
97.0%
Price/Unit
$180,000
Price/Gross SF
$321.43
Gross SF
2,240

Investment Overview

3404-3410 E Evergreen Boulevard, Vancouver, WA. The asset consists of a single story, market-rate residential 4-plex. The unit mix is, 4, 1-bedroom/ 1-bath units. Each unit is approximately 600 square feet. There are separate entrances for each unit and onsite parking is available behind the building. Originally constructed in 1944, renovated in 1984, and has since undergone consistent upkeep. The property has concrete foundation, with wood frame with stucco masonry construction. There is a pitched composition shingle roof. The lot size is 10,019 square feet, and is zoned higher density residential, R-18. There is a sizeable unfinished basement with four washer hook-ups, which is ideal for putting in coin operated laundry, and/or additional tenant storage for additional income. The building is well-maintained with recent renovations in the last 5-years including partial roof replacement (with warranty), replacement of electric panels and meters, paint, replacement of sewer, and more. There is a spacious yard area. Units have hardwood floors, and baseboard heating. There has not been a rent increase on three of the units since 2019 and rents are below market. Landlord has not maximized rents through the years, providing an opportunity to raise rents, and immediately begin higher cash-flow with a rent increase. Additionally, upon turnover, a landlord could upgrade appliances and features and substantially increase rents at that time.

Located in the income tax free state of Washington, the property is on E Evergreen Boulevard near many parks, schools, shopping and restaurants. Major arterial road includes E Mill Plain Boulevard, and Grand Boulevard. The property is well located next to Harney Elementary school. Nearby amenities include, Evergreen Park, Fred Meyer, Safeway, 7-Eleven, Hospital, Starbucks, and more. The site is with-in two miles of an elementary, middle and high school and is near Clark County Community College with more than 12,500+/- students enrolled.

The asset is poised for a savvy investor to purchase and immediately begin to receive positive, reliable cash-flow. The below-market rents enable an owner to raise rents now, and/or upon turnover, add coin-operated laundry in the basement, and increase their return on investment. The Vancouver area residential market is red hot and has consistently benefited from recent year-over-year continued demand and rent growth. Due to the asset having only 4-units, the property qualifies for attractive, residential financing.

Investment Highlights

  • Near Schools, Parks, Shopping, Eating and more
  • Value-Add 4-plex With Upside in Rents and More
  • Well-Located and Maintained with Recent Renovations
  • Ideal 1031 or Investment Purchase or Live in a Unit and Rent out Others

Exclusively Listed By

Broker of Record

  • Joel Deis

    Vice President / Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Multifamily

Value Add 4- Plex in Vancouver

Listing Price: $720,000

Cap Rate
2.72%
Number of Units
4
GRM
22.77
Occupancy
97.0%
Price/Unit
$180,000
Price/Gross SF
$321.43
Gross SF
2,240

Investment Highlights

  • Near Schools, Parks, Shopping, Eating and more
  • Value-Add 4-plex With Upside in Rents and More
  • Well-Located and Maintained with Recent Renovations
  • Ideal 1031 or Investment Purchase or Live in a Unit and Rent out Others

Investment Overview

3404-3410 E Evergreen Boulevard, Vancouver, WA. The asset consists of a single story, market-rate residential 4-plex. The unit mix is, 4, 1-bedroom/ 1-bath units. Each unit is approximately 600 square feet. There are separate entrances for each unit and onsite parking is available behind the building. Originally constructed in 1944, renovated in 1984, and has since undergone consistent upkeep. The property has concrete foundation, with wood frame with stucco masonry construction. There is a pitched composition shingle roof. The lot size is 10,019 square feet, and is zoned higher density residential, R-18. There is a sizeable unfinished basement with four washer hook-ups, which is ideal for putting in coin operated laundry, and/or additional tenant storage for additional income. The building is well-maintained with recent renovations in the last 5-years including partial roof replacement (with warranty), replacement of electric panels and meters, paint, replacement of sewer, and more. There is a spacious yard area. Units have hardwood floors, and baseboard heating. There has not been a rent increase on three of the units since 2019 and rents are below market. Landlord has not maximized rents through the years, providing an opportunity to raise rents, and immediately begin higher cash-flow with a rent increase. Additionally, upon turnover, a landlord could upgrade appliances and features and substantially increase rents at that time.

Located in the income tax free state of Washington, the property is on E Evergreen Boulevard near many parks, schools, shopping and restaurants. Major arterial road includes E Mill Plain Boulevard, and Grand Boulevard. The property is well located next to Harney Elementary school. Nearby amenities include, Evergreen Park, Fred Meyer, Safeway, 7-Eleven, Hospital, Starbucks, and more. The site is with-in two miles of an elementary, middle and high school and is near Clark County Community College with more than 12,500+/- students enrolled.

The asset is poised for a savvy investor to purchase and immediately begin to receive positive, reliable cash-flow. The below-market rents enable an owner to raise rents now, and/or upon turnover, add coin-operated laundry in the basement, and increase their return on investment. The Vancouver area residential market is red hot and has consistently benefited from recent year-over-year continued demand and rent growth. Due to the asset having only 4-units, the property qualifies for attractive, residential financing.

Exclusively Listed By

Broker of Record

  • Joel Deis

    Vice President / Regional Manager

    (206) 826-5700

    License(s): WA: 25469

    Washington

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