Building Details

Year Built 1973

Listing Agency: Realty One Group Bold

Listed By: Donna Weaver Show Phone

Source: Skylineproperties

Added: May 12, 2025 Changed: Aug 8 Last Checked: Aug 9 at 12:00PM

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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 Realty One Group Bold

Investment Insights

Based on property information with market context.

This for-sale income property at 6144 Waldrick in Tenino combines three individual residences with extensive automotive workshop space designed for body and paint work. The compound includes a body shop area and a paint booth on opposite sides, with an air system piped throughout the setup. Equipment included with the workshop comprises a compressor, water trap regulators, and exhaust fans.

Home details include a main house (Unit #1) with 2,478 square feet and a high-efficiency heat pump, plus a spacious layout. Unit #2 is a 1,344-square-foot independent country home featuring easy-care flooring, an electric furnace, and a bonus woodstove. Unit #3 is a 3,360-square-foot workshop hub with an attached one-bedroom home, finished with durable ceramic tile and engineered hardwood flooring, along with a cozy woodstove and an energy-efficient heat pump.

Additional improvements include a 2-bay machine shed and freeze-proof faucets installed across the property. The property is served by a private well system equipped with a dedicated water treatment system.

Key Highlights

• Nearly 6 private acres with 3 individual homes plus extensive workshop space set up as a body shop with a paint booth
• Main house (Unit #1): 2,478 SF with a high‑efficiency heat pump and spacious living areas
• Mobile home (Unit #2): 1,344 SF with electric furnace, bonus woodstove, and easy‑care flooring

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

$33,705

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

3.51%

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%

$674,100 $674.1K

Cap Rate 7%

$481,500 $481.5K

Cap Rate 9%

$374,500 $374.5K

Market Conditions

NOI Build-Up for 2,478 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

$50.6K $20.40/SF

− Vacancy

−$2.4K −$0.97/SF

EGI

$48.2K $19.43/SF

− OpEx

−$14.4K −$5.83/SF

NOI

$33.7K $13.60/SF

Area

Thurston County, WA

Vacancy

4.75%

Lease Rate

$20.40 /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%

$674,100

Cap Rate 7%

$481,500

Cap Rate 9%

$374,500

Alternative Uses

Best Use

Multifamily LT 5

$481.5K

$421.3K – $561.8K (±1% cap)

NOI $33,705 @ 7.0% cap · market cap 3.51%

Second Best

Apartment 5plus

$443.9K

$388.4K – $517.9K (±1% cap)

NOI $31,074 @ 7.0% cap · market cap 3.24%

Theoretical Best

Office A

$725.6K

$634.9K – $846.5K (±1% cap)

NOI $50,789 @ 7.0% cap · market cap 5.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Triplexes

Suggested Use

Top Pick Wine and Liquor Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 98589, WA

8,091

Population

3,122

Households

2.6

Avg Household Size

43

Median Age

26%

College-Educated

91%

High-School Grad

92.6 sq mi

ZIP Area

87

Density / Sq Mi

$89,119

Median Household Income

$57,944

Median Earnings

$1,284

Median Rent

$408,600

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Three individual homes plus an equipped body shop and paint booth workshop offer income-producing versatility on a private compound.

Where is this triplex located?

The property is located at 6144 Waldrick Tenino, WA.

What is the asking price?

The asking price for this property is $959,000.

What are key features of this property?

This property features: Nearly 6 private acres with 3 individual homes plus extensive workshop space set up as a body shop with a paint booth; Main house (Unit #1): 2,478 SF with a high‑efficiency heat pump and spacious living areas; Mobile home (Unit #2): 1,344 SF with electric furnace, bonus woodstove, and easy‑care flooring