Craftsman Duplex with Lake
New
For Sale
$525,000
3203 Capitol Blvd SW, Tumwater, WA 98501
Two-level layout supports owner occupancy alongside rental income potential.
Property Size2,196 SF
Price / SF$239.07
Days on Market7
Property Features for 3203 Capitol Blvd SW
General Information
Standard status
Active
Size
2,196 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
crown molding
ceramic tile
wood-burning fireplace
Building Details
Year Built
1927
Buildings
1
Construction
Craftsman
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 22 at 5:03PM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
Built in 1927, this 2,196-square-foot duplex combines a classic Craftsman design with a flexible residential layout. The property includes two bedrooms on the upper level and one bedroom downstairs, supporting separate living arrangements within the duplex. Interior character includes crown molding, ceramic tile, and a wood-burning fireplace.
Located at 3203 Capitol Blvd SW in Tumwater, the property overlooks Capitol Lake and the Deschutes Estuary. Shopping, I-5, downtown Olympia, and the State Capitol are all identified as nearby destinations. The configuration may suit an owner-occupant seeking a residence with an additional rental component.
Located at 3203 Capitol Blvd SW in Tumwater, the property overlooks Capitol Lake and the Deschutes Estuary. Shopping, I-5, downtown Olympia, and the State Capitol are all identified as nearby destinations. The configuration may suit an owner-occupant seeking a residence with an additional rental component.
Key Highlights
- 2,196‑square‑foot duplex built in 1927
- Two bedrooms upstairs and one bedroom downstairs
- Views of Capitol Lake and the Deschutes Estuary
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
$29,869
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
5.69%
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%
$597,380
$597.4K
Cap Rate 7%
$426,700
$426.7K
Cap Rate 9%
$331,878
$331.9K
Market Conditions
NOI Build-Up for 2,196 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
$44.8K $20.40/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$42.7K $19.43/SF
− OpEx
−$12.8K −$5.83/SF
NOI
$29.9K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /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%
$597,380
Cap Rate 7%
$426,700
Cap Rate 9%
$331,878
Alternative Uses
Best Use
Multifamily LT 5
$426.7K
$373.4K – $497.8K
NOI $29,869 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$393.4K
$344.2K – $459.0K
NOI $27,538 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$643.0K
$562.6K – $750.2K
NOI $45,009 @ 7.0% cap · market cap 8.57%
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
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 98501, WA
45,274
Population
19,969
Households
2.3
Avg Household Size
40
Median Age
48%
College-Educated
97%
High-School Grad
34.9 sq mi
ZIP Area
1,297
Density / Sq Mi
$95,695
Median Household Income
$55,909
Median Earnings
$1,600
Median Rent
$485,200
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-level layout supports owner occupancy alongside rental income potential.
Where is this duplex located?
The property is located at 3203 Capitol Blvd SW Tumwater, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,196‑square‑foot duplex built in 1927; Two bedrooms upstairs and one bedroom downstairs; Views of Capitol Lake and the Deschutes Estuary
