Two-Unit
New
For Sale
$559,000
609 611 S Pine Avenue, Warden, WA 98857
Both residences are leased on one-year terms and include private laundry rooms.
Property Size2,832 SF
Price / SF$197.39
Days on Market2
Property Features for 609 611 S Pine Avenue
General Information
Standard status
Active
Size
2,832 SF
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$33,067
Taxes and HOA fees
Annual Taxes
$5,236
Amenities
private laundry rooms
fully fenced yards
underground sprinklers
Laminate,Carpet
Yes
No
2
6
Electric
Alley,Curbs,Paved
Community
Cable TV,Fenced-Fully,High Speed Internet,Patio,Sprinkler System
0.1524
Wood Products
Poured Concrete
2832
Building Details
Building Size
2,832 SF
Year Built
2023
Stories
2
Listing Agency:
Lee & Associates Commercial RE
(503) 908-1694
Listed By:
Erin Isbell · License #201221123
(503) 577-6146
Source:
Premierepropertygroup
Added: Oct 1
Last Checked: Oct 1 at 2:09PM
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 Lee & Associates Commercial RE
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains two residences, each with three bedrooms, 2.5 bathrooms, and more than 1,400 square feet. Interior finishes include quartz countertops and laminate flooring, and each unit has a private laundry room. Fully fenced yards and an underground sprinkler system provide outdoor space for the property.
Both units are rented under one-year leases. The property is located at 609–611 S Pine Avenue in Warden, Washington.
Both units are rented under one-year leases. The property is located at 609–611 S Pine Avenue in Warden, Washington.
Key Highlights
- Two residences, each with 3 bedrooms and 2.5 bathrooms
- Each unit offers more than 1,400 square feet
- Both units leased on 1‑year terms
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
$24,796
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
4.44%
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%
$495,920
$495.9K
Cap Rate 7%
$354,229
$354.2K
Cap Rate 9%
$275,511
$275.5K
Market Conditions
NOI Build-Up for 2,832 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
$38.7K $13.67/SF
− Vacancy
−$3.3K −$1.16/SF
EGI
$35.4K $12.51/SF
− OpEx
−$10.6K −$3.75/SF
NOI
$24.8K $8.76/SF
Area
Grant County, WA
Vacancy
8.50%
Lease Rate
$13.67 /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%
$495,920
Cap Rate 7%
$354,229
Cap Rate 9%
$275,511
Alternative Uses
Best Use
Multifamily LT 5
$354.2K
$310.0K – $413.3K
NOI $24,796 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$340.3K
$297.7K – $397.0K
NOI $23,819 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$615.2K
$538.3K – $717.8K
NOI $43,065 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 98857, WA
3,999
Population
1,355
Households
3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
167.4 sq mi
ZIP Area
24
Density / Sq Mi
$57,743
Median Household Income
$37,099
Median Earnings
$820
Median Rent
$194,400
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 - Both residences are leased on one-year terms and include private laundry rooms.
Where is this duplex located?
The property is located at 609 611 S Pine Avenue Warden, WA.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2.5 bathrooms; Each unit offers more than 1,400 square feet; Both units leased on 1‑year terms
