29-Unit Multifamily Community in
For Sale
$8,100,000
Pending
0 700 W Maple St, Monroe, WA 98272
Well-maintained 29-unit apartment community with modern upgrades and strong performance.
Property Size26,400 SF
Days on Market347
Property Features for 0 700 W Maple St
General Information
Standard status
Pending
Size
26,400 SF
Property subtype
Commercial
Building Details
Year Built
1982
Listing Agency:
NORTHMARQ MULTIFAMILY LLC
Listed By:
TYLER SMITH · License #78400
Source:
Corcoran
Added: Sep 5, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NORTHMARQ MULTIFAMILY LLC
Investment Insights
Based on property information with market context.
Parkside Apartments is a 29-unit multifamily community located in Monroe, Washington. The property features a mix of one-, two-, and three-bedroom floorplans, averaging 908 square feet. Each residence includes in-unit washers and dryers. Many units have been upgraded with stainless steel appliances, granite countertops, luxury vinyl plank flooring, and other modern finishes. The property is situated on an 89,298-square-foot parcel, providing residents with a lower-density living environment and ample on-site parking. The property has been well maintained and is currently achieving strong operating performance, with average rents of $2,007 and positive trends.
Key Highlights
- 29‑unit multifamily community with a mix of one-, two-, and three‑bedroom floorplans.
- Upgraded units feature STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, and LUXURY VINYL PLANK FLOORING.
- IN‑UNIT WASHERS AND DRYERS in every residence.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$394,871
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,897,420
$7.9M
Cap Rate 7%
$5,641,014
$5.6M
Cap Rate 9%
$4,387,456
$4.4M
Market Conditions
NOI Build-Up for 26,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$776.2K $29.40/SF
− Vacancy
−$58.2K −$2.21/SF
EGI
$717.9K $27.20/SF
− OpEx
−$323.1K −$12.24/SF
NOI
$394.9K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,897,420
Cap Rate 7%
$5,641,014
Cap Rate 9%
$4,387,456
Alternative Uses
Best Use
Apartment 5plus
$5.64M
$4.94M – $6.58M
NOI $394,871 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.36M
$6.44M – $8.59M
NOI $515,375 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,228
Businesses Nearby
Explore this area
Business Placement
Demographics for 98272, WA
31,127
Population
10,313
Households
3
Avg Household Size
38
Median Age
29%
College-Educated
92%
High-School Grad
106.3 sq mi
ZIP Area
293
Density / Sq Mi
$115,894
Median Household Income
$51,879
Median Earnings
$1,902
Median Rent
$638,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 29-unit apartment community with modern upgrades and strong performance.
Where is this apartment building located?
The property is located at 0 700 W Maple St Monroe, WA.
What is the asking price?
The asking price for this property is $8,100,000.
What are key features of this property?
This property features: 29‑unit multifamily community with a mix of one-, two-, and three‑bedroom floorplans.; Upgraded units feature STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, and LUXURY VINYL PLANK FLOORING.; IN‑UNIT WASHERS AND DRYERS in every residence.
