Renovated Duplex with Detached
For Sale
$480,000
16 Chicago Avenue, Yakima, WA 98902
Two-unit property with R3 - Multi Fam Res zoning and a separate detached structure ready for additional development.
Property Size2,216 SF
Price / SF$216.61
Days on Market93
Property Features for 16 Chicago Avenue
General Information
Standard status
Active
Size
2,216 SF
Property subtype
Multi Family / Duplex
Zoning
R3 - Multi Fam Res
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,813,243
Amenities
Agent Remarks
1
Composition
Wood
Building Details
Year Built
1911
Construction
Craftsman Bungalow
Listing Agency:
Keller Williams Yakima Valley
(509) 929-1107
Listed By:
Sarah Mosier · License #133330
(509) 929-1107
Source:
Compass
Added: Jun 1
Changed: Aug 30
Last Checked: Aug 30 at 8:33AM
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 Yakima Valley
Investment Insights
Based on property information with market context.
This 2,216-square-foot Craftsman bungalow contains two separate living units and has been renovated. The main-level residence includes 2 bedrooms, 1 full bathroom with double sinks, hardwood flooring, a living room, and an open kitchen layout. A second unit occupies the basement level and adds 2 bedrooms, 1 full bathroom with double sinks, a kitchen area, and a stacked washer/dryer.
The property includes three separate power meters and an unfinished detached ADU with power and sewer connections already in place. Zoned R3 - Multi Fam Res, the property is located near Franklin Park, restaurants, shopping, and everyday amenities. The structure dates to 1911 and includes composition and wood exterior features.
The property includes three separate power meters and an unfinished detached ADU with power and sewer connections already in place. Zoned R3 - Multi Fam Res, the property is located near Franklin Park, restaurants, shopping, and everyday amenities. The structure dates to 1911 and includes composition and wood exterior features.
Key Highlights
- 2,216‑square‑foot renovated Craftsman bungalow with two separate living units
- Main‑level unit offers 2 bedrooms, 1 full bathroom, hardwood floors, living room, and open kitchen
- Basement unit includes 2 bedrooms, 1 full bathroom, kitchen area, and stacked washer/dryer
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
$24,880
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
5.18%
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%
$497,600
$497.6K
Cap Rate 7%
$355,429
$355.4K
Cap Rate 9%
$276,444
$276.4K
Market Conditions
NOI Build-Up for 2,216 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
$38.0K $17.16/SF
− Vacancy
−$2.5K −$1.12/SF
EGI
$35.5K $16.04/SF
− OpEx
−$10.7K −$4.81/SF
NOI
$24.9K $11.23/SF
Area
Yakima County, WA
Vacancy
6.53%
Lease Rate
$17.16 /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%
$497,600
Cap Rate 7%
$355,429
Cap Rate 9%
$276,444
Alternative Uses
Best Use
Multifamily LT 5
$355.4K
$311.0K – $414.7K
NOI $24,880 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$309.4K
$270.7K – $361.0K
NOI $21,657 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$450.0K
$393.8K – $525.0K
NOI $31,501 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,643
Businesses Nearby
Explore this area
Business Placement
Demographics for 98902, WA
47,589
Population
17,723
Households
2.7
Avg Household Size
33
Median Age
19%
College-Educated
78%
High-School Grad
9.3 sq mi
ZIP Area
5,117
Density / Sq Mi
$60,050
Median Household Income
$36,900
Median Earnings
$1,045
Median Rent
$237,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with R3 - Multi Fam Res zoning and a separate detached structure ready for additional development.
Where is this duplex located?
The property is located at 16 Chicago Avenue Yakima, WA.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 2,216‑square‑foot renovated Craftsman bungalow with two separate living units; Main‑level unit offers 2 bedrooms, 1 full bathroom, hardwood floors, living room, and open kitchen; Basement unit includes 2 bedrooms, 1 full bathroom, kitchen area, and stacked washer/dryer
