Duplex with Fenced
For Sale
$800,000
2916 Russell Rd, Centralia, WA 98531
Two three-bedroom residences each include two baths and an additional craft or storage room.
Property Size3,014 SF
Price / SF$265.43
Days on Market25
Property Features for 2916 Russell Rd
General Information
Standard status
Active
Size
3,014 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Cap Rate
4.4%
Highway Access
Yes
Amenities
craft room
fenced patio
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
On Point Real Estate
Listed By:
Scott Horner · License #11374
(360) 330-0804
Source:
Chehalisvalleyrealty
Added: Aug 16
Changed: Sep 8
Last Checked: Sep 8 at 6:23AM
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 On Point Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom, two-bath residences. An additional craft or storage room is located within the fenced patio area, providing supplemental space beyond the primary living areas. Existing tenants have remained in place for years.
The property is located at 2916 Russell Road in Centralia, Washington, with access to I-5 and nearby schools, the Port of Centralia, Borst Park, Safeway, and restaurants. The property carries a reported 4.4% cap rate. Viewing and inspections require advance coordination with the parties.
The property is located at 2916 Russell Road in Centralia, Washington, with access to I-5 and nearby schools, the Port of Centralia, Borst Park, Safeway, and restaurants. The property carries a reported 4.4% cap rate. Viewing and inspections require advance coordination with the parties.
Key Highlights
- Two‑unit duplex with a 3‑bedroom, 2‑bath layout in each residence
- Craft or storage room within the fenced patio area
- Existing tenants have remained in place for years
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
$32,231
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
4.03%
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%
$644,620
$644.6K
Cap Rate 7%
$460,443
$460.4K
Cap Rate 9%
$358,122
$358.1K
Market Conditions
NOI Build-Up for 3,014 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
$48.8K $16.20/SF
− Vacancy
−$2.8K −$0.92/SF
EGI
$46.0K $15.28/SF
− OpEx
−$13.8K −$4.58/SF
NOI
$32.2K $10.69/SF
Area
Lewis County, WA
Vacancy
5.70%
Lease Rate
$16.20 /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%
$644,620
Cap Rate 7%
$460,443
Cap Rate 9%
$358,122
Alternative Uses
Best Use
Multifamily LT 5
$460.4K
$402.9K – $537.2K
NOI $32,231 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$424.7K
$371.6K – $495.5K
NOI $29,731 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$919.3K
$804.4K – $1.07M
NOI $64,350 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Explore this area
Business Placement
Demographics for 98531, WA
26,669
Population
11,070
Households
2.4
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
129.2 sq mi
ZIP Area
206
Density / Sq Mi
$61,963
Median Household Income
$37,330
Median Earnings
$1,068
Median Rent
$285,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences each include two baths and an additional craft or storage room.
Where is this duplex located?
The property is located at 2916 Russell Rd Centralia, WA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Two‑unit duplex with a 3‑bedroom, 2‑bath layout in each residence; Craft or storage room within the fenced patio area; Existing tenants have remained in place for years
