Leased Four-Unit Apartment
For Sale
$985,000
210 Chicago Boulevard S, Pacific, WA 98047
Four leased residences offer two-bedroom layouts, private patios, fenced grounds, and on-site parking near regional transportation routes.
Property Size3,648 SF
Price / SF$270.01
Days on Market207
Property Features for 210 Chicago Boulevard S
General Information
Standard status
Active
Size
3,648 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Net Operating Income
$59,585
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,085
Amenities
on-site parking
Laminate,Carpet
Yes
No
2
Electric
Paved
Public
Cable TV,Fenced-Fully,High Speed Internet,Patio
8
0.2756
Wood,Wood Products
Poured Concrete
3648
Building Details
Building Size
3,648 SF
Year Built
1980
Buildings
1
Stories
2
Listing Agency:
eXp Realty
(503) 919-1401
Listed By:
Adrian Blackman
(503) 919-1401
Source:
Premierepropertygroup
Added: Feb 5
Changed: Aug 30
Last Checked: Aug 30 at 1:47PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 1980, this 3,648-square-foot quadplex contains four currently leased residences. Each unit provides 2 bedrooms, 1 bath, a functional floor plan, a large kitchen, dining space, and storage. Interior finishes include laminate and carpet, while patios and fully fenced grounds add exterior amenities. The property also includes a newer roof that is 2 years old.
Located at 210 Chicago Boulevard S in Pacific, Washington, the property provides access to SR-167, Hwy 18, I-5, and 512. The Interurban Trail is nearby, and the site includes 8 paved parking spaces. Cable TV and high-speed internet are available, with public service infrastructure and electric systems noted for the property.
Located at 210 Chicago Boulevard S in Pacific, Washington, the property provides access to SR-167, Hwy 18, I-5, and 512. The Interurban Trail is nearby, and the site includes 8 paved parking spaces. Cable TV and high-speed internet are available, with public service infrastructure and electric systems noted for the property.
Key Highlights
- Four units, all currently leased
- Each residence offers 2 bedrooms, 1 bath, and 912 sq ft
- 3,648‑square‑foot building on a 0.2756‑acre site
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
$61,529
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
6.25%
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%
$1,230,580
$1.2M
Cap Rate 7%
$878,986
$879.0K
Cap Rate 9%
$683,656
$683.7K
Market Conditions
NOI Build-Up for 3,648 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
$93.0K $25.50/SF
− Vacancy
−$5.1K −$1.41/SF
EGI
$87.9K $24.09/SF
− OpEx
−$26.4K −$7.23/SF
NOI
$61.5K $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%
$1,230,580
Cap Rate 7%
$878,986
Cap Rate 9%
$683,656
Alternative Uses
Best Use
Multifamily LT 5
$879.0K
$769.1K – $1.03M
NOI $61,529 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$810.0K
$708.8K – $945.0K
NOI $56,701 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,278 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 98047, WA
6,966
Population
2,389
Households
2.9
Avg Household Size
34
Median Age
18%
College-Educated
89%
High-School Grad
2.1 sq mi
ZIP Area
3,317
Density / Sq Mi
$102,723
Median Household Income
$49,360
Median Earnings
$1,728
Median Rent
$431,300
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 - Four leased residences offer two-bedroom layouts, private patios, fenced grounds, and on-site parking near regional transportation routes.
Where is this quadplex located?
The property is located at 210 Chicago Boulevard S Pacific, WA.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Four units, all currently leased; Each residence offers 2 bedrooms, 1 bath, and 912 sq ft; 3,648‑square‑foot building on a 0.2756‑acre site
