Four-Unit
For Sale
$1,150,000
136 McKean Ct, Enumclaw, WA 98022
Each residence includes two bedrooms, one-and-a-half bathrooms, in-unit laundry, and a private outdoor area.
Property Size4,092 SF
Price / SF$281.04
Days on Market70
Property Features for 136 McKean Ct
General Information
Standard status
Active
Size
4,092 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Cap Rate
6.03%
Gross Income
$95,000
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Parking per Unit
2
Amenities
in-unit washer and dryer
private patio or deck
private storage units
Building Details
Year Built
1981
Listing Agency:
Windermere Real Estate/Summit
(206) 410-6610
Listed By:
Ricardo Mendes
Source:
Searchhomesinbellingham
Added: Jun 22
Changed: Aug 29
Last Checked: Aug 25 at 7:40AM
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 Windermere Real Estate/Summit
Investment Insights
Based on property information with market context.
Built in 1981, this quadplex contains four residential units, each measuring 1,023 square feet with two bedrooms and 1.5 bathrooms. Individual layouts include a full kitchen, dining area, living room, in-unit washer and dryer, and a private patio or deck. One unit has new LVP flooring.
The property provides two dedicated parking spaces per unit, including one covered carport space. On-site private storage units are currently vacant, adding flexible storage capacity. The asset is located at 136 McKean Ct in Enumclaw, Washington, and is reported with a 6.03% cap rate.
The property provides two dedicated parking spaces per unit, including one covered carport space. On-site private storage units are currently vacant, adding flexible storage capacity. The asset is located at 136 McKean Ct in Enumclaw, Washington, and is reported with a 6.03% cap rate.
Key Highlights
- Four units, each with 2 bedrooms, 1.5 bathrooms, and 1,023 sq. ft.
- Two dedicated parking spaces per unit, including one covered carport space
- Private patio or deck included with each unit
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
$69,018
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
6.00%
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%
$1,380,360
$1.4M
Cap Rate 7%
$985,971
$986.0K
Cap Rate 9%
$766,867
$766.9K
Market Conditions
NOI Build-Up for 4,092 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
$104.3K $25.50/SF
− Vacancy
−$5.7K −$1.41/SF
EGI
$98.6K $24.09/SF
− OpEx
−$29.6K −$7.23/SF
NOI
$69.0K $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%
$1,380,360
Cap Rate 7%
$985,971
Cap Rate 9%
$766,867
Alternative Uses
Best Use
Multifamily LT 5
$986.0K
$862.7K – $1.15M
NOI $69,018 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$908.6K
$795.0K – $1.06M
NOI $63,602 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,727 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Explore this area
Business Placement
Demographics for 98022, WA
22,874
Population
9,828
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
726.5 sq mi
ZIP Area
31
Density / Sq Mi
$116,613
Median Household Income
$59,360
Median Earnings
$1,626
Median Rent
$577,200
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?
Quadplex - Each residence includes two bedrooms, one-and-a-half bathrooms, in-unit laundry, and a private outdoor area.
Where is this quadplex located?
The property is located at 136 McKean Ct Enumclaw, WA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms, 1.5 bathrooms, and 1,023 sq. ft.; Two dedicated parking spaces per unit, including one covered carport space; Private patio or deck included with each unit
