Duplex with RV
New
For Sale
$499,950
Pending
29440 18th Ave S, Federal Way, WA 98003
Two-unit property with separate laundry, a garage, and access to RV parking.
Property Size2,350 SF
Days on Market7
Property Features for 29440 18th Ave S
General Information
Standard status
Pending
Size
2,350 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
dishwasher
fireplace
laundry room
Building Details
Year Built
1962
Buildings
1
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 21 at 6:14AM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
This duplex contains approximately 2,350 square feet across two residential units. The upper unit offers approximately 1,450 square feet with three bedrooms, one bathroom, a dishwasher, and a fireplace. The lower unit provides approximately 950 square feet with two bedrooms, one bathroom, a dishwasher, and a fireplace. A separate laundry room serves the property.
The fully fenced lot includes a one-car garage and RV parking. The property also provides access to freeways, shopping, and public transportation. Built in 1962, the duplex combines a five-bedroom, two-bathroom layout with features suited to residential rental use.
The fully fenced lot includes a one-car garage and RV parking. The property also provides access to freeways, shopping, and public transportation. Built in 1962, the duplex combines a five-bedroom, two-bathroom layout with features suited to residential rental use.
Key Highlights
- Approximately 2,350 SF duplex with 5 bedrooms and 2 bathrooms
- Upper unit: approximately 1,450 SF with 3 bedrooms and 1 bathroom
- Lower unit: approximately 950 SF with 2 bedrooms and 1 bathroom
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
$39,636
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
7.93%
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%
$792,720
$792.7K
Cap Rate 7%
$566,229
$566.2K
Cap Rate 9%
$440,400
$440.4K
Market Conditions
NOI Build-Up for 2,350 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
$59.9K $25.50/SF
− Vacancy
−$3.3K −$1.41/SF
EGI
$56.6K $24.09/SF
− OpEx
−$17.0K −$7.23/SF
NOI
$39.6K $16.87/SF
Area
King County, WA
Vacancy
5.51%
Lease Rate
$25.50 /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%
$792,720
Cap Rate 7%
$566,229
Cap Rate 9%
$440,400
Alternative Uses
Best Use
Multifamily LT 5
$566.2K
$495.5K – $660.6K
NOI $39,636 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$521.8K
$456.6K – $608.8K
NOI $36,526 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$941.2K
$823.6K – $1.10M
NOI $65,886 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 98003, WA
51,751
Population
20,380
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
4,500
Density / Sq Mi
$70,800
Median Household Income
$39,497
Median Earnings
$1,650
Median Rent
$428,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-unit property with separate laundry, a garage, and access to RV parking.
Where is this duplex located?
The property is located at 29440 18th Ave S Federal Way, WA.
What is the asking price?
The asking price for this property is $499,950.
What are key features of this property?
This property features: Approximately 2,350 SF duplex with 5 bedrooms and 2 bathrooms; Upper unit: approximately 1,450 SF with 3 bedrooms and 1 bathroom; Lower unit: approximately 950 SF with 2 bedrooms and 1 bathroom
