Single-Level Duplex with
For Sale
$600,000
1315 K St NE, Auburn, WA 98002
Two occupied residences feature updated flooring, private garages, and in-unit laundry.
Property Size1,860 SF
Price / SF$322.58
Days on Market26
Property Features for 1315 K St NE
General Information
Standard status
Active
Size
1,860 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
garages
Building Details
Year Built
1976
Tenancy
Multi
Listing Agency:
Summit Properties NW LLC
(425) 451-3342
Listed By:
Richard Butenko
Source:
Montgomeryht
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 25 at 5:11AM
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 Summit Properties NW LLC
Investment Insights
Based on property information with market context.
The 1,860-square-foot duplex was built in 1976 and contains two single-level residences. Each unit offers 2 BR, 1 BA, updated flooring, a garage, and in-unit laundry. Property improvements include a new roof and fencing around each unit, while separate electrical meters serve the residences.
Located in Auburn near schools, transit, freeways, and amenities, the property is currently tenant occupied in both units. Garbage service is already billed separately, and the property information identifies potential for rent increases and utility bill-back covering water, sewer, and garbage. Tours are available inside only after mutual agreement, with no tenant disturbance requested.
Located in Auburn near schools, transit, freeways, and amenities, the property is currently tenant occupied in both units. Garbage service is already billed separately, and the property information identifies potential for rent increases and utility bill-back covering water, sewer, and garbage. Tours are available inside only after mutual agreement, with no tenant disturbance requested.
Key Highlights
- 1,860 SF duplex with two 2 BR, 1 BA units
- Both units are tenant occupied
- Single‑level layout with garages and in‑unit laundry
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
$31,372
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
5.23%
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%
$627,440
$627.4K
Cap Rate 7%
$448,171
$448.2K
Cap Rate 9%
$348,578
$348.6K
Market Conditions
NOI Build-Up for 1,860 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
$47.4K $25.50/SF
− Vacancy
−$2.6K −$1.41/SF
EGI
$44.8K $24.09/SF
− OpEx
−$13.4K −$7.23/SF
NOI
$31.4K $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%
$627,440
Cap Rate 7%
$448,171
Cap Rate 9%
$348,578
Alternative Uses
Best Use
Multifamily LT 5
$448.2K
$392.2K – $522.9K
NOI $31,372 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$413.0K
$361.4K – $481.8K
NOI $28,910 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$745.0K
$651.9K – $869.1K
NOI $52,148 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,033
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?
Duplex - Two occupied residences feature updated flooring, private garages, and in-unit laundry.
Where is this duplex located?
The property is located at 1315 K St NE Auburn, WA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 1,860 SF duplex with two 2 BR, 1 BA units; Both units are tenant occupied; Single‑level layout with garages and in‑unit laundry
