Quadplex with Ocean
For Sale
$1,399,000
14025 61st Pl W, Edmonds, WA 98026
Four residential units feature oversized patios and balconies, hardwood floors, updated windows, and refreshed millwork.
Property Size4,220 SF
Lot Size0.29 Acres
Price / SF$331.52
Days on Market61
Property Features for 14025 61st Pl W
General Information
Standard status
Active
Size
4,220 SF
Total Parking Spaces
8
Lot size
0.29 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
4
Amenities
coin-op laundry
storage
Building Details
Year Built
1978
Buildings
1
Listing Agency:
List4FlatFee.com, LLC
Listed By:
Stacie Whitfield · License #13147
(425) 344-6779
Source:
Lifestylehomeswithmel
Added: Aug 17
Changed: Oct 6
Last Checked: Oct 7 at 3:05PM
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
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Investment Insights
Based on property information with market context.
Built in 1978, this four-unit property contains 4,220 SF on a 12,633-square-foot lot adjoining a greenbelt. The units are described as larger than newly built three-bedroom residences and include oversized patios or balconies. Interior features include hardwood flooring and granite countertops, while improvements include double-thick glass windows, new doors and millwork, two new bathtubs, updated faucets, gutters, downspouts, and an Aqua-Pex water line. Soundproof bubble-concrete subfloors are also in place.
An ocean view extends across the street, with the beach approximately 1 mile away. The property includes a large backyard, two coin-operated laundry areas, four storage spaces, and more than eight personal parking spaces. Alderwood Mall, I-5, and I-405 are within 5 miles, and a school is within walking distance.
An ocean view extends across the street, with the beach approximately 1 mile away. The property includes a large backyard, two coin-operated laundry areas, four storage spaces, and more than eight personal parking spaces. Alderwood Mall, I-5, and I-405 are within 5 miles, and a school is within walking distance.
Key Highlights
- 4,220 SF quadplex on a 12,633 sq.ft. lot adjoining a greenbelt
- Ocean view across the street and approximately 1 mile to the beach
- Four oversized residential units with patios or balconies
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,347
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
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
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 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 5.03%
Second Best
Apartment 5plus
$901.7K
$789.0K – $1.05M
NOI $63,120 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,382 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
82
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
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units feature oversized patios and balconies, hardwood floors, updated windows, and refreshed millwork.
Where is this quadplex located?
The property is located at 14025 61st Pl W Edmonds, WA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 4,220 SF quadplex on a 12,633 sq.ft. lot adjoining a greenbelt; Ocean view across the street and approximately 1 mile to the beach; Four oversized residential units with patios or balconies
