3-Bedroom Duplex with Private
For Sale
$875,000
1601 131ST, Lake Stevens, WA 98258
Two well-maintained units feature fenced yards, updated mechanical systems, and private outdoor space.
Property Size2,778 SF
Price / SF$314.97
Days on Market43
Property Features for 1601 131ST
General Information
Standard status
Active
Size
2,778 SF
Property subtype
Multi-family
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Amenities
gas fireplaces
private yards
patio
Building Details
Year Built
1998
Listing Agency:
Ballpark Realty
Listed By:
Amanda Weis
(425) 205-2135
Source:
Skylineproperties
Added: Jul 18
Changed: Aug 28
Last Checked: Aug 29 at 10:24AM
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 Ballpark Realty
Investment Insights
Based on property information with market context.
Built in 1998, this 2,778-square-foot duplex includes two residential units, each with three bedrooms, 2.5 bathrooms, approximately 1,400 square feet, an oversized primary suite, walk-in closet, oak cabinetry, and a gas fireplace. Both units have fully fenced private yards. Recent mechanical improvements include a new furnace and new water heaters, while gutter guards support lower exterior maintenance needs. The right-side residence adds a larger backyard with a patio and sprinkler system.
The property is located at 1601 131ST in Lake Stevens, within walking distance of the Lake Stevens waterfront, Farmers Market, and Historic Downtown Lake Stevens.
The property is located at 1601 131ST in Lake Stevens, within walking distance of the Lake Stevens waterfront, Farmers Market, and Historic Downtown Lake Stevens.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2.5 bathrooms per unit
- 2,778‑square‑foot property built in 1998
- Each unit measures approximately 1,400 square feet
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
$46,309
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
5.29%
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%
$926,180
$926.2K
Cap Rate 7%
$661,557
$661.6K
Cap Rate 9%
$514,544
$514.5K
Market Conditions
NOI Build-Up for 2,778 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
$70.0K $25.20/SF
− Vacancy
−$3.9K −$1.39/SF
EGI
$66.2K $23.81/SF
− OpEx
−$19.8K −$7.14/SF
NOI
$46.3K $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%
$926,180
Cap Rate 7%
$661,557
Cap Rate 9%
$514,544
Alternative Uses
Best Use
Multifamily LT 5
$661.6K
$578.9K – $771.8K
NOI $46,309 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$593.6K
$519.4K – $692.5K
NOI $41,551 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$774.7K
$677.9K – $903.9K
NOI $54,232 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 98258, WA
51,995
Population
18,397
Households
2.8
Avg Household Size
36
Median Age
32%
College-Educated
94%
High-School Grad
37.1 sq mi
ZIP Area
1,401
Density / Sq Mi
$120,571
Median Household Income
$63,208
Median Earnings
$2,187
Median Rent
$606,600
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 well-maintained units feature fenced yards, updated mechanical systems, and private outdoor space.
Where is this duplex located?
The property is located at 1601 131ST Lake Stevens, WA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2.5 bathrooms per unit; 2,778‑square‑foot property built in 1998; Each unit measures approximately 1,400 square feet
