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Cedar Park Community 2615 Neals Ln 50 Unit Apartment Building $13,565,420 CAD ($271,308 CAD/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 (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$1,118,426
|
$32.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,593
|
$0.16
|
| Effective Gross Income |
$1,112,833
|
$32.39
|
| Taxes |
$78,605
|
$2.29
|
| Operating Expenses |
$171,687
|
$5.00
|
| Total Expenses |
$250,292
|
$7.29
|
| Net Operating Income |
$862,540
|
$25.11
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $1,118,426 |
| Annual Per SF | $32.55 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,593 |
| Annual Per SF | $0.16 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $1,112,833 |
| Annual Per SF | $32.39 |
| Taxes (CAD) | |
|---|---|
| Annual | $78,605 |
| Annual Per SF | $2.29 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $171,687 |
| Annual Per SF | $5.00 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $250,292 |
| Annual Per SF | $7.29 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $862,540 |
| Annual Per SF | $25.11 |
PROPERTY FACTS
| Price | $13,565,420 CAD | Apartment Style | Garden |
| Price Per Unit | $271,308 CAD | Building Class | B |
| 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 | 1978/2025 |
| Property Subtype | Apartment | Parking Ratio | 2.47/1,000 SF |
| Zoning | R18, Vancouver | ||
| Price | $13,565,420 CAD |
| Price Per Unit | $271,308 CAD |
| 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 | B |
| Lot Size | 2.79 AC |
| Building Size | 34,357 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1978/2025 |
| 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 |
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $8,028,100 CAD | |
| Land Assessment | $1,467,002 CAD | Annual Taxes | $78,605 CAD ($2.29 CAD/SF) |
| Improvements Assessment | $6,561,098 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,467,002 CAD
Improvements Assessment
$6,561,098 CAD
Total Assessment
$8,028,100 CAD
Annual Taxes
$78,605 CAD ($2.29 CAD/SF)
Tax Year
2025
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Clark County Realty Group
Cedar Park Community | 2615 Neals Ln
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