Four-Unit Quadplex with Private
For Sale
$889,000
2340 Main, Ferndale, WA 98248
Four consistently occupied residences feature two bedrooms, one bathroom, and individual outdoor decks.
Property Size3,208 SF
Price / SF$277.12
Days on Market78
Property Features for 2340 Main
General Information
Standard status
Active
Size
3,208 SF
Property subtype
Multi-family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
private decks
Building Details
Year Built
1991
Listing Agency:
Terrafin
Listed By:
Dennis Folk
(425) 205-2135
Source:
Skylineproperties
Added: May 24
Changed: Aug 8
Last Checked: Aug 8 at 4:45PM
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 Terrafin
Investment Insights
Based on property information with market context.
Built in 1991, this 3,208-square-foot quadplex contains four consistently occupied residences. Each unit offers two bedrooms, one bathroom, and a private deck that extends the usable living area outdoors. Vinyl siding provides a durable exterior finish designed for low-maintenance ownership.
The property is located at 2340 Main in Ferndale, Washington, near schools, parks, employment centers, shopping, and everyday amenities. Its four-unit configuration and established occupancy provide a straightforward multifamily asset with separately arranged residences and outdoor space for each unit.
The property is located at 2340 Main in Ferndale, Washington, near schools, parks, employment centers, shopping, and everyday amenities. Its four-unit configuration and established occupancy provide a straightforward multifamily asset with separately arranged residences and outdoor space for each unit.
Key Highlights
- Four‑unit quadplex with all residences consistently occupied
- Each unit includes 2 bedrooms and 1 bathroom
- Private deck provided for every unit
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
$37,315
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
4.20%
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%
$746,300
$746.3K
Cap Rate 7%
$533,071
$533.1K
Cap Rate 9%
$414,611
$414.6K
Market Conditions
NOI Build-Up for 3,208 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
$55.8K $17.40/SF
− Vacancy
−$2.5K −$0.78/SF
EGI
$53.3K $16.62/SF
− OpEx
−$16.0K −$4.99/SF
NOI
$37.3K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /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%
$746,300
Cap Rate 7%
$533,071
Cap Rate 9%
$414,611
Alternative Uses
Best Use
Multifamily LT 5
$533.1K
$466.4K – $621.9K
NOI $37,315 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$493.6K
$431.9K – $575.9K
NOI $34,554 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$756.8K
$662.2K – $882.9K
NOI $52,975 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Explore this area
Business Placement
Demographics for 98248, WA
26,784
Population
10,576
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
93%
High-School Grad
71.8 sq mi
ZIP Area
373
Density / Sq Mi
$88,566
Median Household Income
$50,059
Median Earnings
$1,455
Median Rent
$550,300
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 consistently occupied residences feature two bedrooms, one bathroom, and individual outdoor decks.
Where is this quadplex located?
The property is located at 2340 Main Ferndale, WA.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Four‑unit quadplex with all residences consistently occupied; Each unit includes 2 bedrooms and 1 bathroom; Private deck provided for every unit
