Property Details

1016 NE 86th St

Vancouver, WA 98665

$3,650,000

Available

CBA# 715937 courtesy of CBA Listing firm: Northmarq Multifamily LLC

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Commercial

Property Type

16,370

Bldg Sq Ft

Units

6.00%

Cap Rate

1968

Year Built

Property Overview

We are pleased to present Sydney Court, a 20-unit multifamily investment opportunity located in the highly desirable Hazel Dell neighborhood of Vancouver, Washington. Originally constructed in 1968, the property offers investors a well-maintained apartment community with stable in-place cash flow and attractive value-add potential. The property features a desirable mix of two-bedroom, one-bathroom and three-bedroom, two-bathroom floor plans averaging approximately 858 square feet per unit, with full-size in-unit washers and dryers in every apartment, providing spacious, well-appointed layouts that appeal to a broad tenant base. Offered at $3,650,000 ($183,000 per unit / $213 per NRSF), the property generates an attractive 6.47% in-place capitalization rate and is currently 95% occupied, demonstrating strong tenant demand and operational stability. Investors have the opportunity to capture additional revenue growth, with current rents approximately 7.89% below market levels. Recent extensive improvements to 18 of the 20 units include, but are not limited to, stainless appliances, quartz counters, new cabinets, flooring, trim, doors and lighting. The unit improvements, along with a new roof in 2022, enhance the property’s appeal while minimizing near-term capital expenditure requirements.Located within the established Hazel Dell submarket of Vancouver, the property benefits from proximity to a major retail corridor anchored by national retailers including Walmart, Target, and Kohl’s, as well as the Hazel Dell Marketplace shopping center. Residents enjoy convenient access to shopping, dining, employment centers, and regional transportation routes, supporting continued tenant demand and long-term investment stability.