Restored Craftsman
For Sale
$849,950
145 Park Avenue N, Renton, WA 98057
Two distinct residences feature updated kitchens, private entries, outdoor space, and off-street parking.
Property Size1,900 SF
Price / SF$447.34
Days on Market93
Property Features for 145 Park Avenue N
General Information
Standard status
Active
Size
1,900 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Net Operating Income
$51,156
Taxes and HOA fees
Annual Taxes
$6,744
Amenities
Softwood
Yes
No
2
Electric,Natural Gas
9
Alley,Curbs,Paved,Sidewalk
Public
Deck,Fenced-Fully,Gas Available,Patio,RV Parking
6
0.1234
RV Parking
Wood
Poured Concrete
1900
Building Details
Building Size
1,900 SF
Year Built
1904
Stories
2
Listing Agency:
eXp Realty
(971) 400-4862
Listed By:
Ariel Lane
(971) 400-4862
Source:
Premierepropertygroup
Added: May 9
Changed: Aug 9
Last Checked: Aug 9 at 4:26AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1900-square-foot duplex, built in 1904, combines period Craftsman detailing with substantial updates. The main residence includes three bedrooms, 1.5 baths, fir flooring, high ceilings, a fireplace, quartz kitchen surfaces, stainless appliances, a gas range, oversized island, pantry, and utility room. The upper unit has a separate entrance, view deck, vaulted ceilings, built-ins, exposed brick, a full kitchen, one bedroom, one bath, laundry, and a tankless water heater. Both units have air conditioning, while the property also includes updated windows, plumbing, wiring, a metal roof, forced-air heat, and basement storage.
The fully fenced grounds offer a front porch, mature landscaping, patio, sliding privacy gate, alley access, and off-street parking. The property is at 145 Park Avenue N in Renton, near Boeing, The Landing, downtown Renton, shopping, restaurants, and parks, with freeway access nearby.
The fully fenced grounds offer a front porch, mature landscaping, patio, sliding privacy gate, alley access, and off-street parking. The property is at 145 Park Avenue N in Renton, near Boeing, The Landing, downtown Renton, shopping, restaurants, and parks, with freeway access nearby.
Key Highlights
- 1900‑square‑foot duplex built in 1904
- Two separate residences with private entrances
- Main unit offers 3 bedrooms and 1.5 baths
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
$33,694
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
3.96%
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%
$673,880
$673.9K
Cap Rate 7%
$481,343
$481.3K
Cap Rate 9%
$374,378
$374.4K
Market Conditions
NOI Build-Up for 1,900 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
$51.3K $27.00/SF
− Vacancy
−$3.2K −$1.67/SF
EGI
$48.1K $25.33/SF
− OpEx
−$14.4K −$7.60/SF
NOI
$33.7K $17.73/SF
Area
Renton, WA
Vacancy
6.17%
Lease Rate
$27.00 /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%
$673,880
Cap Rate 7%
$481,343
Cap Rate 9%
$374,378
Alternative Uses
Best Use
Multifamily LT 5
$481.3K
$421.2K – $561.6K
NOI $33,694 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$443.9K
$388.4K – $517.9K
NOI $31,071 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$619.1K
$541.7K – $722.2K
NOI $43,334 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,441
Businesses Nearby
Explore this area
Business Placement
Demographics for 98057, WA
13,493
Population
6,656
Households
2
Avg Household Size
38
Median Age
34%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
2,176
Density / Sq Mi
$68,097
Median Household Income
$53,994
Median Earnings
$1,767
Median Rent
$606,500
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 - Two distinct residences feature updated kitchens, private entries, outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 145 Park Avenue N Renton, WA.
What is the asking price?
The asking price for this property is $849,950.
What are key features of this property?
This property features: 1900‑square‑foot duplex built in 1904; Two separate residences with private entrances; Main unit offers 3 bedrooms and 1.5 baths
