Renovated Four-Unit
For Sale
$1,200,000
203 Farrelly, Enumclaw, WA 98022
Income property with a renovated upper-level residence and updated plumbing and electrical systems.
Property Size4,092 SF
Price / SF$293.26
Days on Market18
Property Features for 203 Farrelly
General Information
Standard status
Active
Size
4,092 SF
Property subtype
Multi-family
Occupancy
75%
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Amenities
Deck
Fenced-Partially
Gas Available
Patio
Building Details
Year Built
1981
Buildings
1
Tenancy
Multi
Listing Agency:
Windermere Central Sound
(253) 844-4289
Listed By:
Keenan Grayson
(253) 604-6000
Source:
Skylineproperties
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 4:48PM
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 Central Sound
Investment Insights
Based on property information with market context.
This 1981 quadplex contains four residential units, with three occupied and one vacant upper-level unit. The renovated unit includes quartz countertops, white shaker cabinetry, LVP flooring, stainless steel appliances, and an in-unit washer and dryer. It also has a deck, patio, and no rear neighbors. Property improvements include PEX re-piping, permitted electrical work, and a roof installed in 2017.
The asset includes tenant utility bill-backs and professional management that can transfer to a new owner. A 32% expense ratio is reported, and the property offers partially fenced grounds with gas available. Located at 203 Farrelly Street in Enumclaw, Washington, the property combines an existing rental operation with a finished vacant unit.
The asset includes tenant utility bill-backs and professional management that can transfer to a new owner. A 32% expense ratio is reported, and the property offers partially fenced grounds with gas available. Located at 203 Farrelly Street in Enumclaw, Washington, the property combines an existing rental operation with a finished vacant unit.
Key Highlights
- Four‑unit quadplex with three occupied units and one vacant upper‑level unit
- Renovated unit features quartz counters, white shaker cabinets, LVP flooring, and stainless appliances
- In‑unit washer and dryer in the renovated residence
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
$69,018
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
5.75%
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%
$1,380,360
$1.4M
Cap Rate 7%
$985,971
$986.0K
Cap Rate 9%
$766,867
$766.9K
Market Conditions
NOI Build-Up for 4,092 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
$104.3K $25.50/SF
− Vacancy
−$5.7K −$1.41/SF
EGI
$98.6K $24.09/SF
− OpEx
−$29.6K −$7.23/SF
NOI
$69.0K $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%
$1,380,360
Cap Rate 7%
$985,971
Cap Rate 9%
$766,867
Alternative Uses
Best Use
Multifamily LT 5
$986.0K
$862.7K – $1.15M
NOI $69,018 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$908.6K
$795.0K – $1.06M
NOI $63,602 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,727 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Explore this area
Business Placement
Demographics for 98022, WA
22,874
Population
9,828
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
726.5 sq mi
ZIP Area
31
Density / Sq Mi
$116,613
Median Household Income
$59,360
Median Earnings
$1,626
Median Rent
$577,200
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?
Quadplex - Income property with a renovated upper-level residence and updated plumbing and electrical systems.
Where is this quadplex located?
The property is located at 203 Farrelly Enumclaw, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four‑unit quadplex with three occupied units and one vacant upper‑level unit; Renovated unit features quartz counters, white shaker cabinets, LVP flooring, and stainless appliances; In‑unit washer and dryer in the renovated residence
