Cottonwood Court 3902 Gibbons St 20 Unit Apartment Building $3,804,000 ($190,200/Unit) 6.50% Cap Rate Vancouver, WA 98661

Cottonwood Court presents a compelling opportunity to acquire a 20-unit value-add multifamily community in the growing Vancouver market, positioned to benefit from continued regional demand and strong connectivity to Portland.
Constructed in 1965, the property consists entirely of well-designed 2-bedroom, 1-bath units, each featuring a consistent and efficient floor plan. Units average ± 727 SF and are complemented by ± 325 SF attached garages, a rare amenity that, combined with in-unit washer and dryer, enhances tenant appeal and supports long-term retention.
Vaulted, sloped ceilings and charming fireplaces add architectural character and create a warm, inviting living environment that differentiates the property from typical vintage product.
Cottonwood Court offers a clear and executable path to value creation. Ownership has begun renovating units as they turn, with three units already upgraded to include modern finishes such as shaker-style cabinetry, updated countertops, and stainless steel appliances. These improvements provide a proven blueprint for continued renovations, allowing a new owner to systematically enhance the remaining units and capture meaningful rental upside.
The property is further distinguished by its expansive green space, creating a campus-style setting that resonates with tenants seeking a balance of privacy and community. This physical layout, combined with straightforward unit uniformity, allows for operational efficiency and ease of management.
Strategically located between I-5 and I-205, the asset provides seamless access throughout the Portland Metro. Residents benefit from proximity to Downtown Vancouver, an increasingly vibrant urban core anchored by waterfront redevelopment, dining, retail, and lifestyle amenities that continue to attract both residents and investment.
Cottonwood Court stands out as a stable, income-producing asset with immediate upside, offering investors the opportunity to implement a disciplined renovation strategy in a supply-constrained submarket with strong long-term fundamentals.