2811 East Evergreen Boulevard, Vancouver, WA 98661 For Sale

Evergreen Lofts presents investors with the opportunity to acquire and advance a boutique multifamily development in Vancouver, Washington. The proposed program contemplates 44 residential units totaling approximately 31,193 residential rentable square feet, with an efficient unit mix weighted toward studios, one-bedroom, and two-bedroom residences.

The project is positioned as a focused, smaller-format multifamily opportunity with a clear residential program and multiple paths to value creation. Current rent data supports the project's residential positioning, with Vancouver apartment rents generally ranging from approximately $1,750 to $1,865 per month, depending on source and methodology. Unit-level market data indicates average one-bedroom rents of approximately $1,418 and two-bedroom rents of approximately $1,850, providing a relevant benchmark for underwriting Evergreen Lofts' efficient unit mix and stabilized operating potential.

A key upside opportunity is supported by the site's zoning, which provides a potential path to permit up to 60 residential units. This zoning-supported density upside allows a buyer to evaluate a materially larger program than the current 44-unit plan, creating potential to increase rentable area, improve operating performance, and enhance stabilized value through entitlement refinement and design optimization.

Evergreen Lofts is also located within a designated Opportunity Zone, creating a potential financial benefit for qualified investors able to monetize the associated tax advantages. Based on the current analysis, the modeled present value of the Opportunity Zone benefit increases land support to approximately $2.18 million, representing roughly $382,000 of incremental value above the seller's $1.8 million land proceeds target. This potential benefit provides an additional return enhancement beyond the project's core multifamily development economics and may support a more competitive basis for investors using Opportunity Zone capital.

Overall, Evergreen Lofts offers a compelling Vancouver multifamily development opportunity with current modeled feasibility, identifiable density upside, and potential tax-advantaged economics. The project may appeal to developers, private investors, and capital partners seeking a smaller-format residential development with a clear execution path and potential to improve land support through entitlement refinement, design optimization, and Opportunity Zone capital structuring.