Duplex with Detached
New
For Sale
$750,000
2601 2nd Ave E, Port Orchard, WA 98366
Two-level duplex with mountain and Sound views, separate laundry rooms, and a detached garage with shop space.
Property Size3,044 SF
Price / SF$246.39
Days on Market3
Property Features for 2601 2nd Ave E
General Information
Standard status
Active
Size
3,044 SF
Property subtype
Multi-Family
Building Details
Year Built
1975
Listing Agency:
Windermere Prof Partners
Listed By:
Dana Soyat
(360) 876-9600
Source:
Findahomeseattle
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 14 at 2:21PM
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 Prof Partners
Investment Insights
Based on property information with market context.
This 3,044-square-foot duplex, built in 1975, offers two levels with similar layouts and broad views of Mount Rainier and the Sound. The main level includes hardwood flooring, a living room, view-oriented picture windows, a kitchen, dining room or den, two bedrooms, a full bathroom, and a large deck. The lower unit includes a living room, kitchen, and private patio.
Each level has its own laundry room, with washers and dryers included. The property also features a detached three-car garage with additional shop space and three power meters serving the upper unit, lower unit, and garage separately. Recent updates include new window panes and fresh paint. The home is located in Manchester, near a waterfront park, boat launch, restaurant, pub, library, deli, Southworth ferry access, shopping, freeways, and state parks.
Each level has its own laundry room, with washers and dryers included. The property also features a detached three-car garage with additional shop space and three power meters serving the upper unit, lower unit, and garage separately. Recent updates include new window panes and fresh paint. The home is located in Manchester, near a waterfront park, boat launch, restaurant, pub, library, deli, Southworth ferry access, shopping, freeways, and state parks.
Key Highlights
- 3,044‑square‑foot duplex built in 1975
- Mount Rainier and Sound views from both units
- Detached three‑car garage with additional shop 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
$35,628
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
4.75%
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%
$712,560
$712.6K
Cap Rate 7%
$508,971
$509.0K
Cap Rate 9%
$395,867
$395.9K
Market Conditions
NOI Build-Up for 3,044 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
$55.9K $18.36/SF
− Vacancy
−$5.0K −$1.64/SF
EGI
$50.9K $16.72/SF
− OpEx
−$15.3K −$5.02/SF
NOI
$35.6K $11.70/SF
Area
Kitsap County, WA
Vacancy
8.93%
Lease Rate
$18.36 /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%
$712,560
Cap Rate 7%
$508,971
Cap Rate 9%
$395,867
Alternative Uses
Best Use
Multifamily LT 5
$509.0K
$445.4K – $593.8K
NOI $35,628 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$468.0K
$409.5K – $546.1K
NOI $32,763 @ 7.0% cap · market cap 4.37%
Theoretical Best
Specialty Retail
$1.02M
$888.2K – $1.18M
NOI $71,052 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
Explore this area
Business Placement
Demographics for 98366, WA
36,969
Population
15,391
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
94%
High-School Grad
23.4 sq mi
ZIP Area
1,580
Density / Sq Mi
$88,807
Median Household Income
$51,884
Median Earnings
$1,704
Median Rent
$449,700
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?
Duplex - Two-level duplex with mountain and Sound views, separate laundry rooms, and a detached garage with shop space.
Where is this duplex located?
The property is located at 2601 2nd Ave E Port Orchard, WA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,044‑square‑foot duplex built in 1975; Mount Rainier and Sound views from both units; Detached three‑car garage with additional shop space
