Updated Duplex with Greenbelt
For Sale
$999,000
3115 York Rd, Everett, WA 98204
Two residential units provide private outdoor space, garages, and separate kitchens for flexible occupancy.
Property Size3,056 SF
Price / SF$326.90
Days on Market15
Property Features for 3115 York Rd
General Information
Standard status
Active
Size
3,056 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1998
Listing Agency:
(360) 338-8355
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 26 at 12:51PM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
Built in 1998, this 3,056-square-foot duplex includes two three-bedroom residences, each with 2.5 bathrooms and a two-car garage. Both layouts place the kitchen beside a generous living area, with bedrooms and full bathrooms upstairs. Unit A has waterproof vinyl flooring on the main level, a large pantry, included appliances, and a backyard. Unit B features vinyl plank flooring, fresh paint, new trim, updated lighting, and a new refrigerator, washer, and dryer. Tall garage ceilings add storage capacity.
The property occupies a private, tree-filled lot that backs to a protected greenbelt. Its 3115 York Rd location in Everett is within the Mukilteo School District, including Kamiak High School, with access to Mukilteo Speedway, I-405, and I-5. The two-unit configuration supports owner occupancy of one residence while the other is rented, or use as a full duplex holding.
The property occupies a private, tree-filled lot that backs to a protected greenbelt. Its 3115 York Rd location in Everett is within the Mukilteo School District, including Kamiak High School, with access to Mukilteo Speedway, I-405, and I-5. The two-unit configuration supports owner occupancy of one residence while the other is rented, or use as a full duplex holding.
Key Highlights
- 3,056‑square‑foot duplex built in 1998
- Each unit includes 3 bedrooms, 2.5 bathrooms, and a two‑car garage
- Private, tree‑filled lot backing to a protected greenbelt
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
$50,582
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
5.06%
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%
$1,011,640
$1.0M
Cap Rate 7%
$722,600
$722.6K
Cap Rate 9%
$562,022
$562.0K
Market Conditions
NOI Build-Up for 3,056 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
$77.0K $25.20/SF
− Vacancy
−$4.8K −$1.55/SF
EGI
$72.3K $23.65/SF
− OpEx
−$21.7K −$7.09/SF
NOI
$50.6K $16.55/SF
Area
Everett, WA
Vacancy
6.17%
Lease Rate
$25.20 /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%
$1,011,640
Cap Rate 7%
$722,600
Cap Rate 9%
$562,022
Alternative Uses
Best Use
Multifamily LT 5
$722.6K
$632.3K – $843.0K
NOI $50,582 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$646.6K
$565.8K – $754.4K
NOI $45,261 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.01M
$885.1K – $1.18M
NOI $70,809 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
Explore this area
Business Placement
Demographics for 98204, WA
44,810
Population
18,914
Households
2.4
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
7.2 sq mi
ZIP Area
6,224
Density / Sq Mi
$66,592
Median Household Income
$44,349
Median Earnings
$1,732
Median Rent
$386,300
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?
Duplex - Two residential units provide private outdoor space, garages, and separate kitchens for flexible occupancy.
Where is this duplex located?
The property is located at 3115 York Rd Everett, WA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 3,056‑square‑foot duplex built in 1998; Each unit includes 3 bedrooms, 2.5 bathrooms, and a two‑car garage; Private, tree‑filled lot backing to a protected greenbelt
