3-Bedroom Duplex with
New
For Sale
$1,050,000
16206 2nd Pl W, Lynnwood, WA 98087
Two full-home residences provide single-family-style layouts, private fenced yards, and in-unit laundry.
Property Size3,008 SF
Price / SF$349.07
Days on Market7
Property Features for 16206 2nd Pl W
General Information
Standard status
Active
Size
3,008 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
attached two-car garage
in-unit full-size washer and dryer
private fenced yard
Building Details
Year Built
1990
Listing Agency:
Windermere Real Estate/Summit
Listed By:
Ricardo Mendes
(206) 410-6610
Source:
Heartandhomesnw
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 21 at 7:24AM
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 Windermere Real Estate/Summit
Investment Insights
Based on property information with market context.
This 3,008-square-foot duplex, built in 1990, contains two full-home residences, each with 3 bedrooms and 2 bathrooms. Both homes offer single-family-style layouts, an attached two-car garage, a full-size washer and dryer inside the unit, and a private fenced yard. The property is currently fully leased, with a projected 5.23% cap rate.
Located at 16206 2nd Pl W in Lynnwood, the property offers access to light rail connections serving Seattle and the Bellevue/Eastside corridor. Its two-home configuration provides separate residences within one asset, while the three-bedroom layouts support the established rental format described for the property.
Located at 16206 2nd Pl W in Lynnwood, the property offers access to light rail connections serving Seattle and the Bellevue/Eastside corridor. Its two-home configuration provides separate residences within one asset, while the three-bedroom layouts support the established rental format described for the property.
Key Highlights
- Two‑home duplex with 3‑bedroom, 2‑bath residences
- 3,008 square feet with 1990 construction
- 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
340
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 full-home residences provide single-family-style layouts, private fenced yards, and in-unit laundry.
Where is this duplex located?
The property is located at 16206 2nd Pl W 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‑home duplex with 3‑bedroom, 2‑bath residences; 3,008 square feet with 1990 construction; Attached two‑car garage for each home
