Two-Unit Duplex
For Sale
$839,900
332 E 2nd St, North Bend, WA 98045
Residential income property with one unit facing the street and another reached from the rear alley.
Property Size2,090 SF
Price / SF$401.87
Days on Market36
Property Features for 332 E 2nd St
General Information
Standard status
Active
Size
2,090 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1943
Buildings
1
Listing Agency:
Cook Real Estate
(206) 331-7014
Listed By:
David Cook
Source:
Searchhomesinbellingham
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 25 at 7:40AM
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 Cook Real Estate
Investment Insights
Based on property information with market context.
This 2,090-square-foot duplex was built in 1943 and comprises two residential units arranged north to south. Unit 332 fronts E 2nd Street, while Unit 334 is accessed from the alley behind the building, providing distinct entry points for the two residences.
The property is in downtown North Bend, near Quality Food Center, North Bend Montessori School, North Bend Elementary School, King County Public Library, and the Snoqualmie Valley Trail. Interstate 90 connects the area with Seattle, approximately 30 miles to the west, while the surrounding community offers access to hiking, bicycling, fishing, kayaking, climbing, and skiing.
An adjacent property with a small single-family home is also offered for sale. Depending on the proposed site plan, the combined opportunity could support development of up to 12 units.
The property is in downtown North Bend, near Quality Food Center, North Bend Montessori School, North Bend Elementary School, King County Public Library, and the Snoqualmie Valley Trail. Interstate 90 connects the area with Seattle, approximately 30 miles to the west, while the surrounding community offers access to hiking, bicycling, fishing, kayaking, climbing, and skiing.
An adjacent property with a small single-family home is also offered for sale. Depending on the proposed site plan, the combined opportunity could support development of up to 12 units.
Key Highlights
- 2,090‑square‑foot duplex built in 1943
- Two residential units arranged north to south
- Unit 332 faces E 2nd Street
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
$35,251
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
4.20%
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%
$705,020
$705.0K
Cap Rate 7%
$503,586
$503.6K
Cap Rate 9%
$391,678
$391.7K
Market Conditions
NOI Build-Up for 2,090 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
$53.3K $25.50/SF
− Vacancy
−$2.9K −$1.41/SF
EGI
$50.4K $24.09/SF
− OpEx
−$15.1K −$7.23/SF
NOI
$35.3K $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%
$705,020
Cap Rate 7%
$503,586
Cap Rate 9%
$391,678
Alternative Uses
Best Use
Multifamily LT 5
$503.6K
$440.6K – $587.5K
NOI $35,251 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$464.1K
$406.1K – $541.4K
NOI $32,485 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$837.1K
$732.5K – $976.6K
NOI $58,597 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
682
Businesses Nearby
Explore this area
Business Placement
Demographics for 98045, WA
15,749
Population
5,871
Households
2.7
Avg Household Size
41
Median Age
52%
College-Educated
96%
High-School Grad
172.3 sq mi
ZIP Area
91
Density / Sq Mi
$161,897
Median Household Income
$75,450
Median Earnings
$2,153
Median Rent
$845,700
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 - Residential income property with one unit facing the street and another reached from the rear alley.
Where is this duplex located?
The property is located at 332 E 2nd St North Bend, WA.
What is the asking price?
The asking price for this property is $839,900.
What are key features of this property?
This property features: 2,090‑square‑foot duplex built in 1943; Two residential units arranged north to south; Unit 332 faces E 2nd Street
