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Wildflower Apartments 2404 SE 161st Ct 186 Unit Apartment Building For Sale Vancouver, WA 98683
Investment Highlights
- Blank-Slate Value-Add Opportunity
- Walkable Suburban Neighborhood
- First Time on the Market in 30 Years
- Affluent Neighborhood Demographics
- Strategic Location & Accessibility to Employment Drivers
- #1 Fastest Growing City in the Pacific Northwest
Executive Summary
Wildflower Apartments offers an investor the opportunity to acquire a well-positioned multifamily community in Vancouver, WA, within the highly desirable Mill Plain area near Portland’s metro region. This property features 186 units spread across approximately 167,400 square feet, providing a stable income base supported by strong local demand for quality rental housing. Built in 1992, the community includes functional layouts and attractive common areas, catering to consistent tenant occupancy.
The property benefits from proximity to retail shopping centers, dining, and everyday services, along with easy access to SE 164th Avenue and WA-14, providing direct routes to downtown Vancouver and Portland International Airport. Vancouver continues to experience economic and population growth, supporting long-term rental demand. This asset offers a favorable position for investors seeking stable cash flow and potential upside through unit renovations or operational improvements. Prime investment opportunity!
The property benefits from proximity to retail shopping centers, dining, and everyday services, along with easy access to SE 164th Avenue and WA-14, providing direct routes to downtown Vancouver and Portland International Airport. Vancouver continues to experience economic and population growth, supporting long-term rental demand. This asset offers a favorable position for investors seeking stable cash flow and potential upside through unit renovations or operational improvements. Prime investment opportunity!
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$3,906,000
|
$24.33
|
| Other Income |
$450,370
|
$2.81
|
| Vacancy Loss |
$292,076
|
$1.82
|
| Effective Gross Income |
$4,064,294
|
$25.32
|
| Taxes |
$353,580
|
$2.20
|
| Operating Expenses |
$1,263,654
|
$7.87
|
| Total Expenses |
$1,617,234
|
$10.07
|
| Net Operating Income |
$2,447,060
|
$15.24
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $3,906,000 |
| Annual Per SF | $24.33 |
| Other Income | |
|---|---|
| Annual | $450,370 |
| Annual Per SF | $2.81 |
| Vacancy Loss | |
|---|---|
| Annual | $292,076 |
| Annual Per SF | $1.82 |
| Effective Gross Income | |
|---|---|
| Annual | $4,064,294 |
| Annual Per SF | $25.32 |
| Taxes | |
|---|---|
| Annual | $353,580 |
| Annual Per SF | $2.20 |
| Operating Expenses | |
|---|---|
| Annual | $1,263,654 |
| Annual Per SF | $7.87 |
| Total Expenses | |
|---|---|
| Annual | $1,617,234 |
| Annual Per SF | $10.07 |
| Net Operating Income | |
|---|---|
| Annual | $2,447,060 |
| Annual Per SF | $15.24 |
Property Facts
| Sale Type | Investment | Lot Size | 10.00 AC |
| No. Units | 186 | Building Size | 160,539 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1987 |
| Building Class | C | Parking Ratio | 2.16/1,000 SF |
| Zoning | MG | ||
| Sale Type | Investment |
| No. Units | 186 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 10.00 AC |
| Building Size | 160,539 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1987 |
| Parking Ratio | 2.16/1,000 SF |
| Zoning | MG |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Washer/Dryer
- Vaulted Ceiling
- Refrigerator
Site Amenities
- 24 Hour Access
- Controlled Access
- Picnic Area
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 183 | - | 900 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 121924-000 | Total Assessment | $25,570,584 (2025) |
| Land Assessment | $3,484,800 (2025) | Annual Taxes | $353,580 ($2.20/SF) |
| Improvements Assessment | $22,085,784 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
121924-000
Land Assessment
$3,484,800 (2025)
Improvements Assessment
$22,085,784 (2025)
Total Assessment
$25,570,584 (2025)
Annual Taxes
$353,580 ($2.20/SF)
Tax Year
2026
Contacts
-
Melissa Fleming -
Anthony Palladino -
Philip Assouad -
Giovanni Napoli -
Ryan Harmon -
Nick Ruggiero -
Marcus & Millichap
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Wildflower Apartments | 2404 SE 161st Ct
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