Side-by-Side Duplex with
For Sale
$590,000
149 N Wherrett Street, Tenino, WA 98589
Two separate residences combine three bedrooms, two full bathrooms, and attached garages.
Property Size2,548 SF
Days on Market11
Property Features for 149 N Wherrett Street
General Information
Standard status
Active
Size
2,548 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
Multi-Family
Taxes and HOA fees
Annual Taxes
$5,164
Building Details
Building Size
2,548 SF
Year Built
2004
Units
2
Listing Agency:
John L. Scott Lacey
(360) 667-5100
Listed By:
Garrett Lafferty
(360) 667-5100
Source:
Multifamilyspecialist
Added: Aug 10
Changed: Aug 17
Last Checked: Aug 19 at 3:02PM
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 John L. Scott Lacey
Investment Insights
Based on property information with market context.
Built in 2004, this duplex contains two independently arranged residences, each with 3 bedrooms, 2 full bathrooms, and an attached 2-car garage. The garages sit between the living spaces, while covered front porches, rear patios, and a privacy fence add functional separation. Kitchen appliances are included; washers and dryers remain with the tenants, as does the refrigerator in Unit B. Recent improvements include Unit A carpet installed in 2022, a Unit A dishwasher added in 2025, and a Unit B dishwasher added in 2020.
The property occupies a level, dry 31,492-square-foot (.723-acre) lot at 149 N Wherrett Street in Tenino, Washington. It has territorial views, RV power hookups, recently connected city sewer, and no HOA. Multi-Family zoning is in place, and the site may accommodate additional units subject to buyer verification. The property also includes cable TV, high-speed internet, patios, and RV parking.
The property occupies a level, dry 31,492-square-foot (.723-acre) lot at 149 N Wherrett Street in Tenino, Washington. It has territorial views, RV power hookups, recently connected city sewer, and no HOA. Multi-Family zoning is in place, and the site may accommodate additional units subject to buyer verification. The property also includes cable TV, high-speed internet, patios, and RV parking.
Key Highlights
- Two 3‑bedroom, 2‑bathroom residences with attached 2‑car garages
- 31,492 sq. ft. (.723‑acre) level, dry lot in Tenino
- Multi‑Family zoning with potential for additional units; buyer to verify
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
$34,657
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
5.87%
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%
$693,140
$693.1K
Cap Rate 7%
$495,100
$495.1K
Cap Rate 9%
$385,078
$385.1K
Market Conditions
NOI Build-Up for 2,548 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
$52.0K $20.40/SF
− Vacancy
−$2.5K −$0.97/SF
EGI
$49.5K $19.43/SF
− OpEx
−$14.9K −$5.83/SF
NOI
$34.7K $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%
$693,140
Cap Rate 7%
$495,100
Cap Rate 9%
$385,078
Alternative Uses
Best Use
Multifamily LT 5
$495.1K
$433.2K – $577.6K
NOI $34,657 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$456.5K
$399.4K – $532.5K
NOI $31,952 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$746.1K
$652.8K – $870.4K
NOI $52,224 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 98589, WA
8,091
Population
3,122
Households
2.6
Avg Household Size
43
Median Age
26%
College-Educated
91%
High-School Grad
92.6 sq mi
ZIP Area
87
Density / Sq Mi
$89,119
Median Household Income
$57,944
Median Earnings
$1,284
Median Rent
$408,600
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 separate residences combine three bedrooms, two full bathrooms, and attached garages.
Where is this duplex located?
The property is located at 149 N Wherrett Street Tenino, WA.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom residences with attached 2‑car garages; 31,492 sq. ft. (.723‑acre) level, dry lot in Tenino; Multi‑Family zoning with potential for additional units; buyer to verify
