Gated Multifamily
New
For Sale
$1,675,000
20505 111th Ave SE, Snohomish, WA 98296
Existing residential improvements offer multiple kitchen areas and flexible interior layouts across a substantial gated property.
Property Size6,000 SF
Price / SF$279.17
Days on Market2
Property Features for 20505 111th Ave SE
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1991
Listing Agency:
Compass
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Washingtonwaterfronts
Added: Sep 6
Last Checked: Sep 7 at 7:13AM
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 Compass
Investment Insights
Based on property information with market context.
This 6,000-square-foot residential property was built in 1991 and includes six bedrooms, three kitchens, and a fourth kitchen bar. The existing layout provides multiple interior areas within the current home, while the grounds and improvements require work. An inspected septic system serves the property, and no additional structures may be permitted under the stated property limitations.
The site encompasses 6.45 acres in Snohomish County and is enclosed by gates. Two tax parcels are included. The property is being offered with its existing home and layouts, providing a sizable residential setting for a buyer planning interior renovation and site cleanup.
The current improvements can be evaluated as a single existing residence with multiple kitchen areas rather than as a development site, since additional structures are not available for permitting.
The site encompasses 6.45 acres in Snohomish County and is enclosed by gates. Two tax parcels are included. The property is being offered with its existing home and layouts, providing a sizable residential setting for a buyer planning interior renovation and site cleanup.
The current improvements can be evaluated as a single existing residence with multiple kitchen areas rather than as a development site, since additional structures are not available for permitting.
Key Highlights
- 6.45‑acre gated property in Snohomish County
- 6,000‑square‑foot residential property built in 1991
- Six bedrooms with three kitchens and a fourth kitchen bar
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
$89,744
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
5.36%
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%
$1,794,880
$1.8M
Cap Rate 7%
$1,282,057
$1.3M
Cap Rate 9%
$997,156
$997.2K
Market Conditions
NOI Build-Up for 6,000 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
$176.4K $29.40/SF
− Vacancy
−$13.2K −$2.21/SF
EGI
$163.2K $27.20/SF
− OpEx
−$73.4K −$12.24/SF
NOI
$89.7K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,794,880
Cap Rate 7%
$1,282,057
Cap Rate 9%
$997,156
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,744 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,131 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 98296, WA
27,713
Population
9,573
Households
2.9
Avg Household Size
41
Median Age
48%
College-Educated
97%
High-School Grad
34.5 sq mi
ZIP Area
803
Density / Sq Mi
$172,468
Median Household Income
$76,918
Median Earnings
$2,325
Median Rent
$867,700
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?
Multifamily property - Existing residential improvements offer multiple kitchen areas and flexible interior layouts across a substantial gated property.
Where is this multifamily property located?
The property is located at 20505 111th Ave SE Snohomish, WA.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 6.45‑acre gated property in Snohomish County; 6,000‑square‑foot residential property built in 1991; Six bedrooms with three kitchens and a fourth kitchen bar
