Duplex Property With Accessory
For Sale
$1,445,000
1718 292nd Place NE, Carnation, WA 98014
Private gated acreage combines a primary residence, accessory dwelling, extensive parking, gardens, and a two-stall barn.
Property Size2,885 SF
Price / SF$500.87
Days on Market31
Property Features for 1718 292nd Place NE
General Information
Standard status
Active
Size
2,885 SF
Property subtype
Multi Family
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,563
Building Details
Building Size
2,885 SF
Year Built
1984
Listing Agency:
John L. Scott, Inc
(425) 227-9200
Listed By:
Jon Hodgson · License #110447
Source:
Marypong
Added: Jul 10
Changed: Aug 8
Last Checked: Aug 8 at 9:13AM
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 John L. Scott, Inc
Investment Insights
Based on property information with market context.
This duplex-style property totals 2,885 square feet across a 2,180-square-foot main house and a 705 SF DADU above the 3-car garage. The primary residence offers three bedrooms plus an office, an open great room with vaulted cedar ceilings, hardwood floors, a fireplace, and extensive windows. A remodeled kitchen includes white cabinetry, quartz countertops, and stainless steel appliances. Heated floors serve the primary, guest, and DADU bathrooms, while multiple decks and garden paths connect the living spaces to the grounds.
Set on shy 2 acres along a private road, the gated property features a wraparound driveway, mature landscaping, producing cherry and apple trees, and parking for vehicles, a boat, and an RV. A 2-stall barn adds additional utility. The address is served by Snoqualmie Schools, and the property is located in Carnation, Washington.
Set on shy 2 acres along a private road, the gated property features a wraparound driveway, mature landscaping, producing cherry and apple trees, and parking for vehicles, a boat, and an RV. A 2-stall barn adds additional utility. The address is served by Snoqualmie Schools, and the property is located in Carnation, Washington.
Key Highlights
- 2,885 Total Living Square Feet with a 2,180 sq ft main house and 705 SF DADU
- DADU positioned above the 3‑car garage
- Set on shy 2 acres along a private road
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
$48,660
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
3.37%
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%
$973,200
$973.2K
Cap Rate 7%
$695,143
$695.1K
Cap Rate 9%
$540,667
$540.7K
Market Conditions
NOI Build-Up for 2,885 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
$73.6K $25.50/SF
− Vacancy
−$4.1K −$1.41/SF
EGI
$69.5K $24.09/SF
− OpEx
−$20.9K −$7.23/SF
NOI
$48.7K $16.87/SF
Area
King County, WA
Vacancy
5.51%
Lease Rate
$25.50 /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%
$973,200
Cap Rate 7%
$695,143
Cap Rate 9%
$540,667
Alternative Uses
Best Use
Multifamily LT 5
$695.1K
$608.3K – $811.0K
NOI $48,660 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$640.6K
$560.5K – $747.4K
NOI $44,842 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,886 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 98014, WA
7,651
Population
2,858
Households
2.7
Avg Household Size
43
Median Age
48%
College-Educated
95%
High-School Grad
87.2 sq mi
ZIP Area
88
Density / Sq Mi
$157,680
Median Household Income
$71,824
Median Earnings
$1,740
Median Rent
$849,500
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?
Duplex - Private gated acreage combines a primary residence, accessory dwelling, extensive parking, gardens, and a two-stall barn.
Where is this duplex located?
The property is located at 1718 292nd Place NE Carnation, WA.
What is the asking price?
The asking price for this property is $1,445,000.
What are key features of this property?
This property features: 2,885 Total Living Square Feet with a 2,180 sq ft main house and 705 SF DADU; DADU positioned above the 3‑car garage; Set on shy 2 acres along a private road
