Five-Unit Apartment Building with In-Unit
For Sale
$1,550,000
218 10th St, Snohomish, WA 98290
Five-unit apartment building with in-unit washers and dryers, private outdoor decks or patios, and off-street parking.
Property Size4,940 SF
Price / SF$313.77
Days on Market56
Property Features for 218 10th St
General Information
Standard status
Active
Size
4,940 SF
Property subtype
Multi-Family
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Amenities
in-unit washer & dryer
dishwasher
disposal
wood-burning fireplace
private deck/patio
off-street parking
exterior storage locker
Building Details
Year Built
1977
Year Renovated
2021
Listing Agency:
Blake Investment Advisors
Listed By:
Gabe Blake
(206) 618-2207
Source:
Lifestylehomeswithmel
Added: Jul 30
Changed: Sep 23
Last Checked: Sep 22 at 11:02PM
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 Blake Investment Advisors
Investment Insights
Based on property information with market context.
Five-Unit Apartment Building offering comfortable two-bedroom, one-bath layouts. Each unit includes approximately 988 SF of living space and features in-unit washers and dryers, dishwashers, disposals, and wood-burning fireplaces. Residents also benefit from private decks or patios, off-street parking stalls, and large exterior storage lockers.
Built in 1977, the property has completed notable capital improvements over the past five years. Updates include a new composition roof, Hardie plank siding, Milgard double-pane vinyl windows, and new deck coatings, all completed in 2021.
The combination of a consistent unit layout, in-unit laundry, and outdoor private space supports everyday livability while maintaining a manageable size for ownership and operations.
Built in 1977, the property has completed notable capital improvements over the past five years. Updates include a new composition roof, Hardie plank siding, Milgard double-pane vinyl windows, and new deck coatings, all completed in 2021.
The combination of a consistent unit layout, in-unit laundry, and outdoor private space supports everyday livability while maintaining a manageable size for ownership and operations.
Key Highlights
- Five units with two‑bedroom, one‑bath layouts
- In‑unit washers and dryers plus dishwashers and disposals
- Private decks or patios and large exterior storage lockers
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
$73,889
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
4.77%
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%
$1,477,780
$1.5M
Cap Rate 7%
$1,055,557
$1.1M
Cap Rate 9%
$820,989
$821.0K
Market Conditions
NOI Build-Up for 4,940 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
$145.2K $29.40/SF
− Vacancy
−$10.9K −$2.21/SF
EGI
$134.3K $27.20/SF
− OpEx
−$60.5K −$12.24/SF
NOI
$73.9K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,477,780
Cap Rate 7%
$1,055,557
Cap Rate 9%
$820,989
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$923.6K – $1.23M
NOI $73,889 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,438 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 98290, WA
37,535
Population
15,348
Households
2.4
Avg Household Size
42
Median Age
38%
College-Educated
95%
High-School Grad
117.5 sq mi
ZIP Area
319
Density / Sq Mi
$129,656
Median Household Income
$68,573
Median Earnings
$1,591
Median Rent
$717,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit apartment building with in-unit washers and dryers, private outdoor decks or patios, and off-street parking.
Where is this apartment building located?
The property is located at 218 10th St Snohomish, WA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Five units with two‑bedroom, one‑bath layouts; In‑unit washers and dryers plus dishwashers and disposals; Private decks or patios and large exterior storage lockers
