Log In/Sign Up
Your email has been sent.
Cedar Park Community 2615 Neals Ln 50 Unit Apartment Building $9,850,000 ($197,000/Unit) 6.30% 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 |
$800,688
|
$23.30
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$800,688
|
$23.30
|
| Taxes |
$57,076
|
$1.66
|
| Operating Expenses |
$122,031
|
$3.55
|
| Total Expenses |
$179,107
|
$5.21
|
| Net Operating Income |
$621,581
|
$18.09
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $800,688 |
| Annual Per SF | $23.30 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $800,688 |
| Annual Per SF | $23.30 |
| Taxes | |
|---|---|
| Annual | $57,076 |
| Annual Per SF | $1.66 |
| Operating Expenses | |
|---|---|
| Annual | $122,031 |
| Annual Per SF | $3.55 |
| Total Expenses | |
|---|---|
| Annual | $179,107 |
| Annual Per SF | $5.21 |
| Net Operating Income | |
|---|---|
| Annual | $621,581 |
| Annual Per SF | $18.09 |
Property Facts
| Price | $9,850,000 | Apartment Style | Garden |
| Price Per Unit | $197,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 2.79 AC |
| Cap Rate | 6.30% | 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 | R-18 | ||
| Price | $9,850,000 |
| Price Per Unit | $197,000 |
| Sale Type | Investment |
| Cap Rate | 6.30% |
| Gross Rent Multiplier | 16 |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| 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 | R-18 |
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 |
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
1 of 15
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Presented by
Clark County Realty Group
Cedar Park Community | 2615 Neals Ln
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.