Updated Four-Unit
For Sale
$1,270,000
15320 40th Ave W, Lynnwood, WA 98087
Townhouse-style residences feature fireplaces, private rear decks, and dedicated parking in a wooded cul-de-sac setting.
Property Size3,850 SF
Price / SF$329.87
Days on Market89
Property Features for 15320 40th Ave W
General Information
Standard status
Active
Size
3,850 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Parking per Unit
2
Amenities
fireplace
separate rear decks
guest parking
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Best Choice Realty LLC
Listed By:
John Kim
Source:
Joeplatz
Added: Jun 3
Changed: Aug 29
Last Checked: Aug 25 at 4:55AM
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 Best Choice Realty LLC
Investment Insights
Based on property information with market context.
This four-unit quadplex contains townhouse-style residences, with each unit measuring nearly 1,000 square feet. The layouts include two bedrooms, one-and-a-half bathrooms, a living room with fireplace, dining area, and kitchen. Each residence also has a separate rear deck and two parking spaces, with additional guest parking available. The 3,812-square-foot building was constructed in 1980, all four units have been updated, and the roof was replaced this summer.
The property is positioned at the end of a cul-de-sac in a wooded setting at 15320 40TH in Lynnwood, Washington. Shopping and restaurants are nearby. Long-term tenants are in place.
The property is positioned at the end of a cul-de-sac in a wooded setting at 15320 40TH in Lynnwood, Washington. Shopping and restaurants are nearby. Long-term tenants are in place.
Key Highlights
- Four‑unit quadplex with townhouse‑style layouts
- Each unit offers nearly 1,000 sqft with 2 bedrooms and 1.5 bathrooms
- Living rooms include fireplaces; residences also have separate rear decks
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
$64,179
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
5.05%
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%
$1,283,580
$1.3M
Cap Rate 7%
$916,843
$916.8K
Cap Rate 9%
$713,100
$713.1K
Market Conditions
NOI Build-Up for 3,850 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
$97.0K $25.20/SF
− Vacancy
−$5.3K −$1.39/SF
EGI
$91.7K $23.81/SF
− OpEx
−$27.5K −$7.14/SF
NOI
$64.2K $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%
$1,283,580
Cap Rate 7%
$916,843
Cap Rate 9%
$713,100
Alternative Uses
Best Use
Multifamily LT 5
$916.8K
$802.2K – $1.07M
NOI $64,179 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$822.6K
$719.8K – $959.8K
NOI $57,585 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.07M
$939.5K – $1.25M
NOI $75,159 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
Explore this area
Business Placement
Demographics for 98087, WA
40,711
Population
16,625
Households
2.4
Avg Household Size
35
Median Age
39%
College-Educated
91%
High-School Grad
5.7 sq mi
ZIP Area
7,142
Density / Sq Mi
$106,541
Median Household Income
$56,592
Median Earnings
$2,010
Median Rent
$633,200
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 - Townhouse-style residences feature fireplaces, private rear decks, and dedicated parking in a wooded cul-de-sac setting.
Where is this quadplex located?
The property is located at 15320 40th Ave W Lynnwood, WA.
What is the asking price?
The asking price for this property is $1,270,000.
What are key features of this property?
This property features: Four‑unit quadplex with townhouse‑style layouts; Each unit offers nearly 1,000 sqft with 2 bedrooms and 1.5 bathrooms; Living rooms include fireplaces; residences also have separate rear decks
