Building Details

Year Built 2003

Listing Agency: CENTURY 21 North Homes Realty

Listed By: Kaitlin Teixeira Show Phone

Source: Century21northhomes

Added: May 20 Changed: Sep 7 Last Checked: Sep 7 at 12:08PM

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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 CENTURY 21 North Homes Realty

Investment Insights

Based on property information with market context.

This duplex features two mirror-image units, Unit A and Unit B, totaling 6 bedrooms and 6 bathrooms (2.5 per unit). The property offers a private setting behind a large driveway lined with mature evergreens.

Unit A has been updated with new flooring installed in 2025, brand-new upstairs carpet, and freshly painted walls. Unit B includes LVP flooring in great condition, upstairs carpeting, and a kitchen with additional floor-to-ceiling cabinetry for extra storage. Unit B also has a fully private covered backyard porch with a hot tub, plus two storage sheds.

Unit B is offered with major appliances including a refrigerator, washer, dryer, stove, and dishwasher. The duplex is located at 22615 44TH Avenue, Mountlake Terrace, WA 98043.

Key Highlights

• Duplex built in 2003 with two mirror‑image units (Unit A and Unit B)
• Total of 6 bedrooms and 6 bathrooms across both units (3 bedrooms and 2.5 bathrooms per unit)
• Unit A updates include new flooring installed in 2025, brand‑new upstairs carpet, and freshly painted walls

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

$54,877

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

4.32%

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%

$1,097,540 $1.1M

Cap Rate 7%

$783,957 $784.0K

Cap Rate 9%

$609,744 $609.7K

Market Conditions

NOI Build-Up for 3,292 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

$83.0K $25.20/SF

− Vacancy

−$4.6K −$1.39/SF

EGI

$78.4K $23.81/SF

− OpEx

−$23.5K −$7.14/SF

NOI

$54.9K $16.67/SF

Area

Snohomish County, WA

Vacancy

5.50%

Lease Rate

$25.20 /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%

$1,097,540

Cap Rate 7%

$783,957

Cap Rate 9%

$609,744

Alternative Uses

Best Use

Multifamily LT 5

$784.0K

$686.0K – $914.6K (±1% cap)

NOI $54,877 @ 7.0% cap · market cap 4.32%

Second Best

Apartment 5plus

$703.4K

$615.5K – $820.7K (±1% cap)

NOI $49,239 @ 7.0% cap · market cap 3.88%

Theoretical Best

Office A

$918.1K

$803.3K – $1.07M (±1% cap)

NOI $64,266 @ 7.0% cap · market cap 5.06%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Dental Office Law Firm Hair Salon Nail Salon Auto Repair Shop Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

239

Businesses Nearby

Explore this area Business Placement

Demographics for 98043, WA

21,285

Population

9,493

Households

2.2

Avg Household Size

39

Median Age

42%

College-Educated

94%

High-School Grad

4.1 sq mi

ZIP Area

5,191

Density / Sq Mi

$101,408

Median Household Income

$59,982

Median Earnings

$1,966

Median Rent

$605,800

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Duplex with two mirror-image units, totaling six bedrooms and six bathrooms.

Where is this duplex located?

The property is located at 22615 44TH Avenue Mountlake Terrace, WA.

What is the asking price?

The asking price for this property is $1,269,999.

What are key features of this property?

This property features: Duplex built in 2003 with two mirror‑image units (Unit A and Unit B); Total of 6 bedrooms and 6 bathrooms across both units (3 bedrooms and 2.5 bathrooms per unit); Unit A updates include new flooring installed in 2025, brand‑new upstairs carpet, and freshly painted walls