Multifamily Property for Sale in Vancouver, WA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Vancouver, WA 98665

Description

Greentree Apartments is a classic value-add in a submarket with durable demand drivers, limited near-term supply, and clear rent displacement relative to like-kind vintage. With an average unit size of ~800 SF, versatile floor plans from studios through 4-bedrooms, and a large, underutilized common area, the asset is primed for an interior/amenity reposition that captures meaningful rent premiums while remaining competitively priced against nearby pre-1989 properties. Year-built vintage (1968) and recent exterior work (new roof membranes; repaired/replaced decks) de-risk major systems and allow capital to be focused on rent-producing upgrades. Market context—Clark County strength, Hazel Dell stability. Clark County continues to benefit from steady in-migration and cross-river employment access, with West Hazel Dell offering neighborhood conveniences and immediate I-5 connectivity to Downtown Vancouver and the Portland CBD. Submarket vacancy is tracking in the ~7% range—supportive of absorption and rent growth without over-building pressures seen in urban cores. Notably, only one project (˜198 units) is under construction locally with delivery targeted for late 2026, underscoring a constrained near-term pipeline. Operations & rent positioning—material upside to peers. In-place rents at Greentree average $892/month ($0.86/SF)—well below proximate, pre-1989 comps. Nearby older assets are achieving ~$1,250–$1,500+ per month depending on plan type (e.g., The Groove ’71, Rolling Creek ’73, Hazel Dell Ridge ’86, Rosewood ’87), with two- and three-bedroom premiums extending higher. This sustained delta validates a straightforward path to lift revenue via unit renovations, professional management, and modernized amenities while staying inside an attainable workforce band. Favorable unit mix & livability. Greentree’s mix (studios, 1BR, 2BR, 3BR, and select 4BR layouts) addresses a broad renter profile—from singles to larger households—while the average 800 SF provides livable

Market Context

This multifamily in Vancouver, WA is listed for sale. It is offered at an approximate 4.5% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 67 days. Compare it against other multifamily listings for sale in Vancouver, WA — <a href="/search/sale/multifamily/washington/vancouver">view the full market</a>.

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