Building Details

Year Built 2009

Listing Agency: Windermere Real Estate Co.

Listed By: Glenda Fabrizio Show Phone

Source: Skylineproperties

Added: Jan 19 Changed: Aug 8 Last Checked: Aug 8 at 4:48PM

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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 Windermere Real Estate Co.

Investment Insights

Based on property information with market context.

This multifamily property includes two separate residences on nearly 10 acres. The primary home offers 5 bedrooms plus a den/office, 2.5 bathrooms, two stories, an open kitchen and living area, dining room, deck, covered porch, and an upstairs living room. The second residence is a 2-bedroom, 2-bathroom rambler with an open layout, covered kitchen deck, and accessibility-oriented design. Both homes include attached 2-car garages and driveway parking.

A nearly 2000 SF, two-story shop adds substantial utility, with built-in retail and office areas and space upstairs for a potential apartment buildout. The property also features garden beds, ATV trails, outbuildings, an 8-bedroom septic system, and a private well installed in 2009. Both residences have received exterior and interior paint and new flooring. The property is located on Camano Island, WA, and was built in 2009.

Key Highlights

• Two residences: a 5‑bedroom plus den/office main home and a 2‑bedroom, 2‑bathroom rambler
• Nearly 10 acres with private forested surroundings on Camano Island
• Nearly 2000 SF two‑story shop with built‑in retail and office space

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

$64,262

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

4.95%

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%

$1,285,240 $1.3M

Cap Rate 7%

$918,029 $918.0K

Cap Rate 9%

$714,022 $714.0K

Market Conditions

NOI Build-Up for 3,855 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

$97.1K $25.20/SF

− Vacancy

−$5.3K −$1.39/SF

EGI

$91.8K $23.81/SF

− OpEx

−$27.5K −$7.14/SF

NOI

$64.3K $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%

$1,285,240

Cap Rate 7%

$918,029

Cap Rate 9%

$714,022

Alternative Uses

Best Use

Multifamily LT 5

$918.0K

$803.3K – $1.07M (±1% cap)

NOI $64,262 @ 7.0% cap · market cap 4.95%

Second Best

Apartment 5plus

$823.7K

$720.8K – $961.0K (±1% cap)

NOI $57,660 @ 7.0% cap · market cap 4.44%

Theoretical Best

Office A

$1.08M

$940.7K – $1.25M (±1% cap)

NOI $75,257 @ 7.0% cap · market cap 5.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Restaurant Auto Repair Shop Electrical Service Law Firm Grocery & Convenience 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.

Location Intelligence

Trade Area within ½ mile

31

Businesses Nearby

Explore this area Business Placement

Demographics for 98282, WA

17,356

Population

8,832

Households

2

Avg Household Size

56

Median Age

34%

College-Educated

96%

High-School Grad

40.4 sq mi

ZIP Area

430

Density / Sq Mi

$100,124

Median Household Income

$58,083

Median Earnings

$1,710

Median Rent

$600,300

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two residences, a large shop, and wooded acreage create a versatile multifamily property with substantial ancillary improvements.

Where is this multifamily property located?

The property is located at 2295 Camano Camano Island, WA.

What is the asking price?

The asking price for this property is $1,299,000.

What are key features of this property?

This property features: Two residences: a 5‑bedroom plus den/office main home and a 2‑bedroom, 2‑bathroom rambler; Nearly 10 acres with private forested surroundings on Camano Island; Nearly 2000 SF two‑story shop with built‑in retail and office space