Single-Story Duplex with Fenced
For Sale
$498,500
1414 Hensley Street NE # 1412, Lacey, WA 98516
Well-maintained single-story duplex with two 2-bedroom, 1-bath units, each with garage and laundry area.
Property Size1,832 SF
Price / SF$272.11
Days on Market448
Property Features for 1414 Hensley Street NE # 1412
General Information
Standard status
Active
Size
1,832 SF
Property subtype
Multi-Family
Net Operating Income
$22,625
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,904
Amenities
Vinyl,Carpet
Yes
No
1
4
Electric
Dead End Street
Public
Fenced-Partially
0.3333
Wood Products
Block
1832
Building Details
Building Size
1,832 SF
Year Built
1974
Stories
1
Tenancy
Multi
Listing Agency:
Keller Williams Sunset Corridor
(503) 716-8644
Listed By:
Levi Olsen
(360) 265-0232
Source:
Premierepropertygroup
Added: Jun 16, 2025
Changed: Sep 5
Last Checked: Sep 5 at 5:38AM
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 Keller Williams Sunset Corridor
Investment Insights
Based on property information with market context.
Well-maintained, single-story duplex offering two units, each with 2 bedrooms and 1 bathroom. Each unit includes a utility room with a washer and dryer, as well as a refrigerator. The living room/entry area features a small wood-burning fireplace, and each unit has a single-car garage.
The property is situated at the end of a street, offering added privacy. A spacious fenced backyard with some trees provides outdoor space for residents.
The duplex is described as having established tenants who wish to stay.
The property is situated at the end of a street, offering added privacy. A spacious fenced backyard with some trees provides outdoor space for residents.
The duplex is described as having established tenants who wish to stay.
Key Highlights
- Single‑story duplex built in 1974 with 2 units total, each offering 2 bedrooms and 1 bathroom
- 1,832 total building area on a 0.3333‑acre lot on a dead end street
- Each unit includes a utility room with washer and dryer and a refrigerator
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
$24,918
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
5.00%
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%
$498,360
$498.4K
Cap Rate 7%
$355,971
$356.0K
Cap Rate 9%
$276,867
$276.9K
Market Conditions
NOI Build-Up for 1,832 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
$37.4K $20.40/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$35.6K $19.43/SF
− OpEx
−$10.7K −$5.83/SF
NOI
$24.9K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /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%
$498,360
Cap Rate 7%
$355,971
Cap Rate 9%
$276,867
Alternative Uses
Best Use
Multifamily LT 5
$356.0K
$311.5K – $415.3K
NOI $24,918 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$328.2K
$287.2K – $382.9K
NOI $22,973 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$536.4K
$469.4K – $625.8K
NOI $37,549 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 98516, WA
29,443
Population
11,600
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
28.8 sq mi
ZIP Area
1,022
Density / Sq Mi
$92,191
Median Household Income
$52,188
Median Earnings
$1,948
Median Rent
$528,000
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 - Well-maintained single-story duplex with two 2-bedroom, 1-bath units, each with garage and laundry area.
Where is this duplex located?
The property is located at 1414 Hensley Street NE # 1412 Lacey, WA.
What is the asking price?
The asking price for this property is $498,500.
What are key features of this property?
This property features: Single‑story duplex built in 1974 with 2 units total, each offering 2 bedrooms and 1 bathroom; 1,832 total building area on a 0.3333‑acre lot on a dead end street; Each unit includes a utility room with washer and dryer and a refrigerator
