Quadplex with Ocean
For Sale
$1,490,000
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$353.08
Days on Market15
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
(425) 344-6779
Listed By:
Stacie Whitfield · License #13147
Source:
Lifestylehomeswithmel
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 6:43PM
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.
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 = 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
4.72%
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 4.72%
Second Best
Apartment 5plus
$901.7K
$789.0K – $1.05M
NOI $63,120 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,382 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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 $1,490,000.
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
