Townhome-Style Triplex in Meadow Brooke
For Sale
$935,000
1019 18th St NE, Auburn, WA 98002
Well-maintained triplex with strong tenancy in a desirable location.
Property Size3,560 SF
Price / SF$262.64
Days on Market167
Property Features for 1019 18th St NE
General Information
Standard status
Active
Size
3,560 SF
Property subtype
Multifamily
Building Details
Year Built
1989
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(253) 722-9203
Listed By:
Nisha A Tomar
(253) 722-9203
Source:
Lee-associates
Added: Mar 6
Changed: Jul 10
Last Checked: Aug 20 at 4:18AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
This townhome-style triplex is located in the Meadow Brooke Estates neighborhood of Auburn, Washington, within walking distance of schools, restaurants, and shopping. The property consists of three units, each offering approximately 1,187 square feet of living space. Each unit includes 2 bedrooms, a den, and 1.5 bathrooms, as well as in-unit laundry, an attached garage, and additional driveway parking. Residents have access to a shared yard area. Constructed in 1989, the 3,560 square foot building has had major capital improvements, including replacement of the roof, windows, and siding. The property is zoned R-10, allowing for a variety of residential uses, including short-term rentals, subject to City of Auburn regulations. All three units are currently leased, providing immediate cash flow. The property is located minutes from downtown Auburn, major highways, and Green River College. The Auburn SuperMall, Flaming Geyser State Park, and the White River are nearby. The White River Valley Museum and Green River College's performing arts center are also located in the vicinity.
Key Highlights
- Turnkey triplex investment with immediate, stable cash flow due to 100% occupancy and historically low vacancy.
- Prime location in the desirable Meadow Brooke Estates, within walking distance of North Auburn's schools, restaurants, and shopping, and minutes from downtown Auburn, major highways, and Green River College.
- Major capital improvements (roof, windows, and siding) have been recently replaced, ensuring low maintenance.
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
$60,045
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
6.42%
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%
$1,200,900
$1.2M
Cap Rate 7%
$857,786
$857.8K
Cap Rate 9%
$667,167
$667.2K
Market Conditions
NOI Build-Up for 3,560 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
$90.8K $25.50/SF
− Vacancy
−$5.0K −$1.41/SF
EGI
$85.8K $24.09/SF
− OpEx
−$25.7K −$7.23/SF
NOI
$60.0K $16.87/SF
Area
King County, WA
Vacancy
5.51%
Lease Rate
$25.50 /SF/Yr
Expense Ratio
30.00%
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%
$1,200,900
Cap Rate 7%
$857,786
Cap Rate 9%
$667,167
Alternative Uses
Best Use
Multifamily LT 5
$857.8K
$750.6K – $1.00M
NOI $60,045 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$790.5K
$691.7K – $922.2K
NOI $55,333 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,811 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 98002, WA
38,474
Population
15,279
Households
2.5
Avg Household Size
36
Median Age
18%
College-Educated
84%
High-School Grad
7.2 sq mi
ZIP Area
5,344
Density / Sq Mi
$77,714
Median Household Income
$44,616
Median Earnings
$1,613
Median Rent
$397,700
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?
Triplex - Well-maintained triplex with strong tenancy in a desirable location.
Where is this triplex located?
The property is located at 1019 18th St NE Auburn, WA.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Turnkey triplex investment with immediate, stable cash flow due to 100% occupancy and historically low vacancy.; Prime location in the desirable Meadow Brooke Estates, within walking distance of North Auburn's schools, restaurants, and shopping, and minutes from downtown Auburn, major highways, and Green River College.; Major capital improvements (roof, windows, and siding) have been recently replaced, ensuring low maintenance.
