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Cedar Park Community 2615 Neals Ln 50 Unit Apartment Building $9,850,000 ($197,000/Unit) 6.36% Cap Rate Vancouver, WA 98661
INVESTMENT HIGHLIGHTS
- 2.5 Acres, Park Setting, 15 brand new units, 35 upgraded units, fully leased
EXECUTIVE SUMMARY
* 1 two-bedroom House
* 34 two-bedroom Duplexes (Approx. 800 SF/unit in 17 buildings built in 1970)
* 15 one-bedroom Apartments (Approx. 550 SF/ unit in one building completed in 2025)
* Office Space (Approx. 1700 SF used by owner)
* Maintenance & Storage ( Approx. 2500 SF used by owner)
* Approx. 2.78 acres of land in two tax lots (0.49 and 2.29 acres)
* Over $800,000 of improvements, brand new roof on all units
* 34 two-bedroom Duplexes (Approx. 800 SF/unit in 17 buildings built in 1970)
* 15 one-bedroom Apartments (Approx. 550 SF/ unit in one building completed in 2025)
* Office Space (Approx. 1700 SF used by owner)
* Maintenance & Storage ( Approx. 2500 SF used by owner)
* Approx. 2.78 acres of land in two tax lots (0.49 and 2.29 acres)
* Over $800,000 of improvements, brand new roof on all units
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$812,101
|
$23.64
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,061
|
$0.12
|
| Effective Gross Income |
$808,040
|
$23.52
|
| Taxes |
$57,076
|
$1.66
|
| Operating Expenses |
$124,664
|
$3.63
|
| Total Expenses |
$181,740
|
$5.29
|
| Net Operating Income |
$626,300
|
$18.23
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $812,101 |
| Annual Per SF | $23.64 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,061 |
| Annual Per SF | $0.12 |
| Effective Gross Income | |
|---|---|
| Annual | $808,040 |
| Annual Per SF | $23.52 |
| Taxes | |
|---|---|
| Annual | $57,076 |
| Annual Per SF | $1.66 |
| Operating Expenses | |
|---|---|
| Annual | $124,664 |
| Annual Per SF | $3.63 |
| Total Expenses | |
|---|---|
| Annual | $181,740 |
| Annual Per SF | $5.29 |
| Net Operating Income | |
|---|---|
| Annual | $626,300 |
| Annual Per SF | $18.23 |
PROPERTY FACTS
| Price | $9,850,000 | Apartment Style | Garden |
| Price Per Unit | $197,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.79 AC |
| Cap Rate | 6.36% | Building Size | 34,357 SF |
| Gross Rent Multiplier | 16 | Average Occupancy | 100% |
| No. Units | 50 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2025 |
| Property Subtype | Apartment | Parking Ratio | 2.47/1,000 SF |
| Zoning | R18, Vancouver | ||
| Price | $9,850,000 |
| Price Per Unit | $197,000 |
| Sale Type | Investment |
| Cap Rate | 6.36% |
| Gross Rent Multiplier | 16 |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.79 AC |
| Building Size | 34,357 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1900/2025 |
| Parking Ratio | 2.47/1,000 SF |
| Zoning | R18, Vancouver |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 35 | - | 800 - 850 |
| 1+1 | 15 | - | 550 - 600 |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $5,852,707 | |
| Land Assessment | $1,069,485 | Annual Taxes | $57,076 ($1.66/SF) |
| Improvements Assessment | $4,783,222 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,069,485
Improvements Assessment
$4,783,222
Total Assessment
$5,852,707
Annual Taxes
$57,076 ($1.66/SF)
Tax Year
2025
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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Presented by
Clark County Realty Group
Cedar Park Community | 2615 Neals Ln
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