Vancouver Multifamily for Sale - Cascade Park
Coast Pine Apartments represents a well-positioned investment opportunity in the growing market of Vancouver, Washington. Located in the family-friendly Hearthwood neighborhood, this 18-unit property offers stable rental demand with significant room for rental growth in an appealing suburban setting close to Portland, Oregon.
THE PROPERTY
Coast Pine Apartments, located at 14621 NE Coast Pine Court in Vancouver, is an 18-unit property featuring three buildings, each with six units. The property has a diverse unit mix, including ten (10) one-bedroom, one-bathroom units, two (2) two-bedroom, one-bathroom units, and six (6) three-bedroom, one-and-one-half-bathroom units. Current average rents are $1,251 for one-bedroom units, $1,447 for two-bedroom units, and $1,745 for three-bedroom units, all of which are be-low market rates of $1,500, $1,650, and $2,331, respectively. This equates to approximately 16% below market rates for the one-bedroom units, 12% below for the two-bedroom units, and 25% below for the three-bedroom units, offering an opportunity for rental growth in line with market conditions.
The property amenities include oversized bedrooms, off-street parking, dishwashers, and onsite laundry facilities, which enhance tenant satisfaction and retention. Coast Pine Apartments is well-suited to meet the needs of its residents, with easy access to schools, parks, shopping, and dining.
THE NEIGHBORHOOD
Located on the north bank of the Columbia River, Vancouver, Washington, serves as a major suburban hub with a blend of historical charm and modern conveniences. The Hearthwood neighborhood, where Coast Pine Apartments is situated, is a family-friendly community known for its accessibility to outdoor recreation, shopping, and dining. The neighborhood is home to several community parks, including Vancouver Lake Regional Park, Esther Short Park, and Frenchman’s Bar Re-gional Park, providing ample opportunities for outdoor activities. Vancouver’s proximity to Portland, Oregon, offers easy access to Interstates 5 and 205, connecting residents to major job centers and Portland International Airport.
Downtown Vancouver is only a short drive away, featuring historic sites like Fort Vancouver National Historic Site and Pearson Air Museum. Residents also benefit from nearby shopping at Vancouver Mall and a variety of local businesses. Vancouver continues to experience positive population growth, driven by a robust job market and quality of life, making it an attractive destination for families and young professionals.
