Updated Duplex with RV
For Sale
$584,900
Pending
30348 13th Ave S Unit 1 & 2, Federal Way, WA 98003
Two-unit property with an owner-occupant layout, supplemental storage areas, and convenient access to retail and transportation.
Property Size2,260 SF
Days on Market32
Property Features for 30348 13th Ave S Unit 1 & 2
General Information
Standard status
Pending
Size
2,260 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
decks
landscaping
Custom RV/Boat Storage
Building Details
Year Built
1962
Year Renovated
2017
Buildings
1
Listing Agency:
Real Estate Gladiators
(206) 841-2687
Listed By:
Greg Gallagher
Source:
Southwestwahomefinder
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 29 at 11:29PM
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 Real Estate Gladiators
Investment Insights
Based on property information with market context.
This duplex includes 2,260 square feet with two residences on the main level and a lower level configured for garages and storage. A fully permitted remodel completed in 2017 upgraded the roof, windows, insulation, electrical and plumbing systems, kitchens, bathrooms, heating, flooring, lighting, doors, trim, decks, landscaping, sidewalks, driveway, and sewer connection. Unit 2 is vacant and offers two bedrooms, a vaulted great room, custom kitchen with granite counters, full bathroom, deck, and stackable washer/dryer. Unit 1 has an established tenant with more than 4 years of occupancy.
The 1,510-square-foot basement is divided into five sections, including 760 square feet of garage space, a 17' x 26' storage unit, a 250-square-foot storage unit, and an 800-square-foot RV, boat, or trailer area with 30AMP electric. The property is located at 30348 13th Ave S in Federal Way, across from Federal Way High School and within 5 minutes of shopping, dining, services, entertainment, and freeway access.
The 1,510-square-foot basement is divided into five sections, including 760 square feet of garage space, a 17' x 26' storage unit, a 250-square-foot storage unit, and an 800-square-foot RV, boat, or trailer area with 30AMP electric. The property is located at 30348 13th Ave S in Federal Way, across from Federal Way High School and within 5 minutes of shopping, dining, services, entertainment, and freeway access.
Key Highlights
- Fully permitted remodel completed in 2017
- Two main‑level units; Unit 2 is vacant for owner occupancy
- 1,510‑square‑foot basement divided into 5 sections
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
$38,118
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
6.52%
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%
$762,360
$762.4K
Cap Rate 7%
$544,543
$544.5K
Cap Rate 9%
$423,533
$423.5K
Market Conditions
NOI Build-Up for 2,260 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
$57.6K $25.50/SF
− Vacancy
−$3.2K −$1.41/SF
EGI
$54.5K $24.09/SF
− OpEx
−$16.3K −$7.23/SF
NOI
$38.1K $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%
$762,360
Cap Rate 7%
$544,543
Cap Rate 9%
$423,533
Alternative Uses
Best Use
Multifamily LT 5
$544.5K
$476.5K – $635.3K
NOI $38,118 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$501.8K
$439.1K – $585.5K
NOI $35,127 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$905.2K
$792.0K – $1.06M
NOI $63,363 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
603
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with an owner-occupant layout, supplemental storage areas, and convenient access to retail and transportation.
Where is this duplex located?
The property is located at 30348 13th Ave S Unit 1 & 2 Federal Way, WA.
What is the asking price?
The asking price for this property is $584,900.
What are key features of this property?
This property features: Fully permitted remodel completed in 2017; Two main‑level units; Unit 2 is vacant for owner occupancy; 1,510‑square‑foot basement divided into 5 sections
