Quadplex with Oversized
For Sale
$1,434,000
14025 61ST, Edmonds, WA 98026
Four larger-than-standard units with oversized patios and sound-reducing concrete subfloors, plus coin-op laundry and multiple storage options.
Property Size4,220 SF
Lot Size0.29 Acres
Price / SF$339.81
Days on Market173
Property Features for 14025 61ST
General Information
Standard status
Active
Size
4,220 SF
Total Parking Spaces
8
Lot size
0.29 Acres
Property subtype
Multi-family
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1978
Tenancy
Multi
Listing Agency:
List4FlatFee.com,LLC
Listed By:
Stacie Whitfield
(425) 742-1515
Source:
Century21northhomes
Added: Mar 23
Changed: Sep 11
Last Checked: Sep 10 at 6:14AM
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 List4FlatFee.com,LLC
Investment Insights
Based on property information with market context.
A quality-built 4-plex on a 12,633 sq. ft. lot with a greenbelt setting. Units feature oversized patios and balconies, hardwood floors, granite countertops, and new double-thick glass windows. Interior updates include new doors and millwork, new tubs and faucets, and sound-reducing “bubble concrete” sub floors. Exterior improvements include new gutters and downspouts, along with a new Aqua-Pex water line. The property also offers a huge backyard, two coin-op laundries, four storages, and 8+ personal parking spaces.
The building is situated on a greenbelt with ocean view across the street. The beach is about 1 mile away, and the property is walkable to school. It is approximately 5 miles to Alderwood Mall and within the broader access area of I-5 and 405.
This quadplex is well suited for buyers seeking a small multifamily property with four distinct residential units, practical on-site amenities, and recent fixture and building-component improvements. Current occupancy is described as 6 tenants with no pets, and the remarks note that proof of funds is required for showings. The units are stated to be bigger than newly built 3-bedroom homes, supporting tenants who need extra living space within a single building setting.
The building is situated on a greenbelt with ocean view across the street. The beach is about 1 mile away, and the property is walkable to school. It is approximately 5 miles to Alderwood Mall and within the broader access area of I-5 and 405.
This quadplex is well suited for buyers seeking a small multifamily property with four distinct residential units, practical on-site amenities, and recent fixture and building-component improvements. Current occupancy is described as 6 tenants with no pets, and the remarks note that proof of funds is required for showings. The units are stated to be bigger than newly built 3-bedroom homes, supporting tenants who need extra living space within a single building setting.
Key Highlights
- 1978‑built 4‑plex on a 12,633 sq. ft. lot with greenbelt views and ocean views across the street
- All units feature oversized patios and balconies, plus sound‑reducing concrete sub floors
- Updates include new double thick glass windows, new doors and millwork, new gutters and downspouts, and a new Aqua‑Pex water line
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
$70,347
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
4.91%
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%
$1,406,940
$1.4M
Cap Rate 7%
$1,004,957
$1.0M
Cap Rate 9%
$781,633
$781.6K
Market Conditions
NOI Build-Up for 4,220 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
$106.3K $25.20/SF
− Vacancy
−$5.8K −$1.39/SF
EGI
$100.5K $23.81/SF
− OpEx
−$30.1K −$7.14/SF
NOI
$70.3K $16.67/SF
Area
Snohomish County, WA
Vacancy
5.50%
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%
$1,406,940
Cap Rate 7%
$1,004,957
Cap Rate 9%
$781,633
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$879.3K – $1.17M
NOI $70,347 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$901.7K
$789.0K – $1.05M
NOI $63,120 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,382 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 98026, WA
38,610
Population
15,884
Households
2.4
Avg Household Size
43
Median Age
47%
College-Educated
97%
High-School Grad
9.4 sq mi
ZIP Area
4,107
Density / Sq Mi
$124,462
Median Household Income
$63,708
Median Earnings
$1,894
Median Rent
$758,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four larger-than-standard units with oversized patios and sound-reducing concrete subfloors, plus coin-op laundry and multiple storage options.
Where is this quadplex located?
The property is located at 14025 61ST Edmonds, WA.
What is the asking price?
The asking price for this property is $1,434,000.
What are key features of this property?
This property features: 1978‑built 4‑plex on a 12,633 sq. ft. lot with greenbelt views and ocean views across the street; All units feature oversized patios and balconies, plus sound‑reducing concrete sub floors; Updates include new double thick glass windows, new doors and millwork, new gutters and downspouts, and a new Aqua‑Pex water line
