6405 NE Hazel Dell Ave, Vancouver, WA 98665

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 the overbuilding pressures seen in urban cores. Notably, only one project (≈198 units) is currently 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 approximately $1,250–$1,500+ per month depending on unit type (e.g., The Groove ’71, Rolling Creek ’73, Hazel Dell Ridge ’86, Rosewood ’87), with two- and three-bedroom units commanding additional premiums. This sustained delta validates a clear path to revenue growth through unit renovations, professional management, and modernized amenities—while remaining within an attainable workforce housing band.

Favorable Unit Mix & Livability

Greentree’s diverse unit mix (studios, one-, two-, and three-bedroom units, plus select four-bedroom layouts) caters to a broad renter base—from individuals to larger households. The average unit size of approximately 800 square feet provides a level of livability that is increasingly scarce in newer, smaller-format developments. Historical accounts indicate washer/dryer hookups may exist in select two-bedroom units (to be verified), presenting a low-friction opportunity to introduce in-unit laundry—one of the highest ROI, resident-valued upgrades in suburban product.

Connectivity & Demand Drivers

Immediate access to Interstate 5 enables efficient commutes to both Downtown Vancouver and the Portland CBD, broadening the renter pool while maintaining suburban convenience. Proximity to daily-needs retail, services, and schools further supports tenant retention and helps reduce frictional vacancy.

Physical Plant & Recent Capital Improvements

Originally built in 1968, the community has benefited from recent exterior capital improvements, including tear-off roof replacements with new membranes and associated deck repairs/replacements (per ownership). With major exterior components addressed, future ownership can focus on interior upgrades and amenity enhancements to capture rental upside rather than allocating capital toward deferred maintenance.