Upgraded Apartment
For Sale
$2,375,000
2421 98TH, Edgewood, WA 98371
Duplex residences include garages and laundry areas, complemented by a separate smaller home.
Property Size6,447 SF
Lot Size5.00 Acres
Price / SF$368.39
Days on Market96
Property Features for 2421 98TH
General Information
Standard status
Active
Size
6,447 SF
Lot size
5.00 Acres
Property subtype
Multi-family
Units
Unit Mix
4 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1973
Buildings
3
Listing Agency:
Windermere RE South Sound,Inc
Listed By:
Terri Reade
(253) 564-6211
Source:
Century21northhomes
Added: May 27
Changed: Aug 30
Last Checked: Aug 30 at 12:42PM
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 RE South Sound,Inc
Investment Insights
Based on property information with market context.
This 6,447-square-foot apartment property, built in 1973, comprises two duplex buildings and a separate single-family residence across approximately 5 acres. The duplex units share a two-bedroom, 1.5-bath layout with living rooms, fireplaces, patios, kitchens, dining areas, laundry, two-car garages, and storage. Their upper levels include Jack-and-Jill bathrooms with private vanity areas. The additional home offers one bedroom, one bathroom, and a full basement.
Electrical and plumbing systems have been replaced. Tenants are responsible for electricity and gas, while water and sewer remain landlord-paid. The property is located at 2421 98TH in Edgewood, Washington, near commuter routes, shopping, and employment centers.
Electrical and plumbing systems have been replaced. Tenants are responsible for electricity and gas, while water and sewer remain landlord-paid. The property is located at 2421 98TH in Edgewood, Washington, near commuter routes, shopping, and employment centers.
Key Highlights
- Five‑unit configuration with two duplexes and one single‑family home
- Approximately 5 acres at 2421 98TH, Edgewood, WA 98371
- Duplex units measure ~1,470 SF and include 2 bedrooms, 1.5 baths, and 2‑car garages
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
$84,584
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
3.56%
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%
$1,691,680
$1.7M
Cap Rate 7%
$1,208,343
$1.2M
Cap Rate 9%
$939,822
$939.8K
Market Conditions
NOI Build-Up for 6,447 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
$130.0K $20.16/SF
− Vacancy
−$9.1K −$1.42/SF
EGI
$120.8K $18.74/SF
− OpEx
−$36.3K −$5.62/SF
NOI
$84.6K $13.12/SF
Area
Pierce County, WA
Vacancy
7.03%
Lease Rate
$20.16 /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%
$1,691,680
Cap Rate 7%
$1,208,343
Cap Rate 9%
$939,822
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,584 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$1.11M
$975.2K – $1.30M
NOI $78,015 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,889 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 98371, WA
23,965
Population
9,937
Households
2.4
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.8 sq mi
ZIP Area
2,031
Density / Sq Mi
$97,290
Median Household Income
$53,957
Median Earnings
$1,654
Median Rent
$515,500
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?
Apartment building - Duplex residences include garages and laundry areas, complemented by a separate smaller home.
Where is this apartment building located?
The property is located at 2421 98TH Edgewood, WA.
What is the asking price?
The asking price for this property is $2,375,000.
What are key features of this property?
This property features: Five‑unit configuration with two duplexes and one single‑family home; Approximately 5 acres at 2421 98TH, Edgewood, WA 98371; Duplex units measure ~1,470 SF and include 2 bedrooms, 1.5 baths, and 2‑car garages
