Fully Occupied
For Sale
$775,000
1702 Judd Street SE, Lacey, WA 98053
Residential income property with established occupancy and convenient access to I-5, JBLM, shopping, and schools.
Property Size3,088 SF
Price / SF$250.97
Days on Market147
Property Features for 1702 Judd Street SE
General Information
Standard status
Active
Size
3,088 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
Engineered Hardwood,Carpet
Yes
No
2
Electric
Paved,Sidewalk
Public
7
0.2715
Wood
Poured Concrete,Slab
3088
Building Details
Building Size
3,088 SF
Year Built
1973
Stories
2
Listing Agency:
Pacific Trail Realty
(479) 856-3353
Listed By:
Nawon Losli
(479) 856-3353
Source:
Premierepropertygroup
Added: Apr 2
Changed: Aug 24
Last Checked: Aug 25 at 4:47AM
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 Pacific Trail Realty
Investment Insights
Based on property information with market context.
This quadplex contains four residential units within a 3,088-square-foot property built in 1973. The building is fully occupied and includes a mix of unit types, with engineered hardwood and carpet flooring noted among the interior finishes. Electric service is identified for the property.
Located at 1702 Judd Street SE in Lacey, the property offers access to I-5, JBLM, shopping, and schools. Paved surfaces and a sidewalk are listed among the exterior features. The configuration provides an established multifamily asset with existing occupancy and a documented rental history.
Located at 1702 Judd Street SE in Lacey, the property offers access to I-5, JBLM, shopping, and schools. Paved surfaces and a sidewalk are listed among the exterior features. The configuration provides an established multifamily asset with existing occupancy and a documented rental history.
Key Highlights
- Four‑unit residential property with 3,088 SF of building area
- Fully occupied quadplex
- Built in 1973
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
$42,002
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
5.42%
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%
$840,040
$840.0K
Cap Rate 7%
$600,029
$600.0K
Cap Rate 9%
$466,689
$466.7K
Market Conditions
NOI Build-Up for 3,088 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
$63.0K $20.40/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$60.0K $19.43/SF
− OpEx
−$18.0K −$5.83/SF
NOI
$42.0K $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%
$840,040
Cap Rate 7%
$600,029
Cap Rate 9%
$466,689
Alternative Uses
Best Use
Multifamily LT 5
$600.0K
$525.0K – $700.0K
NOI $42,002 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$553.2K
$484.1K – $645.4K
NOI $38,724 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$904.2K
$791.2K – $1.05M
NOI $63,292 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 - Residential income property with established occupancy and convenient access to I-5, JBLM, shopping, and schools.
Where is this quadplex located?
The property is located at 1702 Judd Street 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: Four‑unit residential property with 3,088 SF of building area; Fully occupied quadplex; Built in 1973
