5-Unit Apartment
For Sale
$989,000
306 2nd St NE, Auburn, WA 98002
Fully occupied property with updated units, new roof and siding, off-street parking, and coin-operated laundry.
Property Size3,800 SF
Price / SF$260.26
Days on Market68
Property Features for 306 2nd St NE
General Information
Standard status
Active
Size
3,800 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
5
Amenities
on-site laundry
Building Details
Year Built
1922
Listing Agency:
Torre Realty
Listed By:
Elena Pike
(206) 915-2399
Source:
Theinspiregroup
Added: Aug 9
Changed: Oct 11
Last Checked: Oct 15 at 4:00AM
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 Torre Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1922, this 3,800-square-foot apartment building contains five rental units, all currently occupied. The units have been recently updated, while the roof and siding are new. On-site amenities include a coin-operated laundry room and rear off-street parking for up to 6 cars.
Located at 306 2nd St NE in Auburn, the property is within walking distance of Main Street, where shops, restaurants, and public transportation are available. The building is reported at 100% occupancy with a waitlist, and some tenants have remained for more than 7 years. A practical fit for buyers seeking an occupied multifamily property with established tenancy and recent exterior improvements.
Located at 306 2nd St NE in Auburn, the property is within walking distance of Main Street, where shops, restaurants, and public transportation are available. The building is reported at 100% occupancy with a waitlist, and some tenants have remained for more than 7 years. A practical fit for buyers seeking an occupied multifamily property with established tenancy and recent exterior improvements.
Key Highlights
- Five rental units in a 3,800‑square‑foot apartment building
- 100% occupancy with a waitlist
- New roof and siding; all units recently updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,063
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,181,260
$1.2M
Cap Rate 7%
$843,757
$843.8K
Cap Rate 9%
$656,256
$656.3K
Market Conditions
NOI Build-Up for 3,800 SF
Gross rent
$114.0K $30.00/SF
− Vacancy
−$6.6K −$1.74/SF
EGI
$107.4K $28.26/SF
− OpEx
−$48.3K −$12.72/SF
NOI
$59.1K $15.54/SF
Area
King County, WA
Vacancy
5.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,181,260
Cap Rate 7%
$843,757
Cap Rate 9%
$656,256
Alternative Uses
Best Use
Apartment 5plus
$843.8K
$738.3K – $984.4K
NOI $59,063 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,540 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,865
Businesses Nearby
Explore this area
Business Placement
Demographics for 98002, WA
38,474
Population
15,279
Households
2.5
Avg Household Size
36
Median Age
18%
College-Educated
84%
High-School Grad
7.2 sq mi
ZIP Area
5,344
Density / Sq Mi
$77,714
Median Household Income
$44,616
Median Earnings
$1,613
Median Rent
$397,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with updated units, new roof and siding, off-street parking, and coin-operated laundry.
Where is this apartment building located?
The property is located at 306 2nd St NE Auburn, WA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Five rental units in a 3,800‑square‑foot apartment building; 100% occupancy with a waitlist; New roof and siding; all units recently updated
