4202 NE MORROW RD

Sparrow Landing offers investors a compelling opportunity to acquire a recently completed, move-in ready 17 unit multifamily offering with modern construction, attractive unit variety, and a selection of units already leased for in place income from day one. The offering includes a mix of one, two, and three bedroom residences ranging from 690 to 1,155 sqft. Unit features include efficient layouts, quality finishes, private patio areas, shared greenspace, a community fitness and weight room, dedicated storage space, and 30 dedicated off street parking spaces. Kitchens feature peninsula eat bars with solid surface countertops and stainless steel appliances. The included appliance package adds refrigerator, washer/dryer, and window coverings for each unit. Each bedroom is outfitted with a ceiling fan, and energy efficient mini splits provide year round heating and cooling. With ten units currently leased and seven vacant units available for continued lease up, the property offers both immediate income and clear upside toward stabilization. Projected stabilized performance reflects a 5.3% cap rate. The recent construction may help reduce near term capital demands while supporting long term operational efficiency and tenant appeal. The Kevanna Park location adds another layer of retention strength, placing residents close to Vancouver Mall for shopping, dining, and entertainment; Orchards Market Center for groceries and daily errands; local cafes and restaurants for everyday convenience; nearby parks and recreation; and key commuter routes including SR 500 and I-205 for access across Vancouver, the Portland metro, PDX Airport, and the Columbia River waterfront. With modern vintage, resident focused amenities, in place income, and remaining lease up upside, Sparrow Landing is well positioned as a compelling ownership opportunity in the growing Vancouver rental market.