Fully Occupied 4-Unit
For Sale
$775,000
1701 Ruddell Rd SE, Lacey, WA 98053
Fully leased multifamily property with a varied unit configuration and convenient access to I-5, JBLM, shopping, and schools.
Property Size2,839 SF
Price / SF$272.98
Days on Market20
Property Features for 1701 Ruddell Rd SE
General Information
Standard status
Active
Size
2,839 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1973
Listing Agency:
TS Property Management
Listed By:
Brian Shin
(253) 249-8011
Source:
Montgomeryht
Added: Aug 20
Changed: Sep 8
Last Checked: Sep 7 at 11:21AM
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 TS Property Management
Investment Insights
Based on property information with market context.
This fully occupied quadplex contains four residential units with a mix of unit types. The property is located at 1701 Ruddell Rd SE in Lacey, Washington, with nearby access to I-5, JBLM, shopping, and schools.
Key Highlights
- Fully occupied 4‑plex
- Mix of residential unit types
- Located at 1701 Ruddell Rd SE, Lacey, WA
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
$38,615
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
4.98%
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%
$772,300
$772.3K
Cap Rate 7%
$551,643
$551.6K
Cap Rate 9%
$429,056
$429.1K
Market Conditions
NOI Build-Up for 2,839 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
$57.9K $20.40/SF
− Vacancy
−$2.8K −$0.97/SF
EGI
$55.2K $19.43/SF
− OpEx
−$16.5K −$5.83/SF
NOI
$38.6K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /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%
$772,300
Cap Rate 7%
$551,643
Cap Rate 9%
$429,056
Alternative Uses
Best Use
Multifamily LT 5
$551.6K
$482.7K – $643.6K
NOI $38,615 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$508.6K
$445.0K – $593.4K
NOI $35,601 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$831.3K
$727.4K – $969.8K
NOI $58,188 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 98053, WA
22,523
Population
8,707
Households
2.6
Avg Household Size
43
Median Age
72%
College-Educated
98%
High-School Grad
27.7 sq mi
ZIP Area
813
Density / Sq Mi
$179,912
Median Household Income
$117,839
Median Earnings
$2,737
Median Rent
$1,155,500
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 - Fully leased multifamily property with a varied unit configuration and convenient access to I-5, JBLM, shopping, and schools.
Where is this quadplex located?
The property is located at 1701 Ruddell Rd SE Lacey, WA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Fully occupied 4‑plex; Mix of residential unit types; Located at 1701 Ruddell Rd SE, Lacey, WA
