Two-Duplex Multifamily
For Sale
$1,200,000
13622 51ST, Tukwila, WA 98168
Four two-bedroom residences offer W/D, fireplaces, outdoor areas, and garage or off-street parking.
Property Size4,684 SF
Lot Size0.38 Acres
Price / SF$256.19
Days on Market11
Property Features for 13622 51ST
General Information
Standard status
Active
Size
4,684 SF
Lot size
0.38 Acres
Property subtype
Multi-family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
W/D
fireplace
eating area off kitchen
large outdoor space
garage or off-street parking
Building Details
Year Built
1946
Buildings
2
Listing Agency:
Windermere Real Estate Midtown
Listed By:
Lauren Hendricks
(253) 520-3780
Source:
Skylineproperties
Added: Jul 27
Changed: Aug 3
Last Checked: Aug 6 at 3:58AM
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 Midtown
Investment Insights
Based on property information with market context.
This multifamily property includes two duplexes totaling four residential units on a 16,555 SF lot. Each unit contains 2 bd/1 bth, a W/D, fireplace, and an eating area adjoining the kitchen. Three units have undergone extensive remodeling, while every residence includes substantial outdoor space and either garage or off-street parking. The buildings provide 4,684 SF of property size and were built in 1946.
Both duplexes have new exterior paint and newer roofs installed within the past 5 years. The property is located at 13616 & 13622 51st Ave S. in Tukwila, near major transportation corridors, Seattle-Tacoma International Airport, and key employment centers. The remarks also cite long-term tenants and a strong rental history.
Both duplexes have new exterior paint and newer roofs installed within the past 5 years. The property is located at 13616 & 13622 51st Ave S. in Tukwila, near major transportation corridors, Seattle-Tacoma International Airport, and key employment centers. The remarks also cite long-term tenants and a strong rental history.
Key Highlights
- Two duplexes with four total units on one 16,555 SF lot
- All 4 units are 2 bd/1 bth
- Three of the four units have been extensively updated/remodeled
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
$79,003
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
6.58%
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%
$1,580,060
$1.6M
Cap Rate 7%
$1,128,614
$1.1M
Cap Rate 9%
$877,811
$877.8K
Market Conditions
NOI Build-Up for 4,684 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
$119.4K $25.50/SF
− Vacancy
−$6.6K −$1.41/SF
EGI
$112.9K $24.09/SF
− OpEx
−$33.9K −$7.23/SF
NOI
$79.0K $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%
$1,580,060
Cap Rate 7%
$1,128,614
Cap Rate 9%
$877,811
Alternative Uses
Best Use
Multifamily LT 5
$1.13M
$987.5K – $1.32M
NOI $79,003 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$1.04M
$910.0K – $1.21M
NOI $72,803 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,324 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 98168, WA
36,389
Population
13,338
Households
2.7
Avg Household Size
37
Median Age
24%
College-Educated
79%
High-School Grad
8.8 sq mi
ZIP Area
4,135
Density / Sq Mi
$84,937
Median Household Income
$44,630
Median Earnings
$1,724
Median Rent
$500,600
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 - Four two-bedroom residences offer W/D, fireplaces, outdoor areas, and garage or off-street parking.
Where is this duplex located?
The property is located at 13622 51ST Tukwila, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two duplexes with four total units on one 16,555 SF lot; All 4 units are 2 bd/1 bth; Three of the four units have been extensively updated/remodeled
