Two-Unit Duplex with
For Sale
$1,050,000
16206 2ND, Lynnwood, WA 98087
Two residential homes feature attached garages, private fenced yards, and in-unit full-size laundry.
Property Size3,008 SF
Price / SF$349.07
Days on Market11
Property Features for 16206 2ND
General Information
Standard status
Active
Size
3,008 SF
Property subtype
Multi-family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
in-unit washer/dryer
private fenced yard
Building Details
Year Built
1990
Tenancy
Multi
Listing Agency:
Windermere Real Estate/Summit
Listed By:
Ricardo Mendes
(425) 205-2135
Source:
Skylineproperties
Added: Sep 13
Changed: Sep 23
Last Checked: Sep 22 at 4:27PM
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 Windermere Real Estate/Summit
Investment Insights
Based on property information with market context.
Built in 1990, this 3,008-square-foot duplex contains two full 3-bedroom, 2-bath homes with single-family-style layouts. Each residence includes an attached two-car garage, a full-size washer and dryer, and a private fenced yard. The property offers two separate residential units within one income-producing asset.
Located at 16206 2ND in Lynnwood, the duplex provides access to the region’s major employment centers through the new light rail connection to Seattle and the Bellevue/Eastside corridor. The property information also identifies a 5.23% cap rate. Its two-home configuration supports both a fully leased investment approach and owner occupancy in one unit when available.
Located at 16206 2ND in Lynnwood, the duplex provides access to the region’s major employment centers through the new light rail connection to Seattle and the Bellevue/Eastside corridor. The property information also identifies a 5.23% cap rate. Its two-home configuration supports both a fully leased investment approach and owner occupancy in one unit when available.
Key Highlights
- Two 3‑bedroom, 2‑bath residential units
- 3,008 square feet across the duplex
- Attached two‑car garage for each home
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
$50,143
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
4.78%
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%
$1,002,860
$1.0M
Cap Rate 7%
$716,329
$716.3K
Cap Rate 9%
$557,144
$557.1K
Market Conditions
NOI Build-Up for 3,008 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
$75.8K $25.20/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$71.6K $23.81/SF
− OpEx
−$21.5K −$7.14/SF
NOI
$50.1K $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%
$1,002,860
Cap Rate 7%
$716,329
Cap Rate 9%
$557,144
Alternative Uses
Best Use
Multifamily LT 5
$716.3K
$626.8K – $835.7K
NOI $50,143 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$642.7K
$562.4K – $749.9K
NOI $44,991 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$838.9K
$734.0K – $978.7K
NOI $58,722 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
187
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?
Duplex - Two residential homes feature attached garages, private fenced yards, and in-unit full-size laundry.
Where is this duplex located?
The property is located at 16206 2ND Lynnwood, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath residential units; 3,008 square feet across the duplex; Attached two‑car garage for each home
