Duplex with Attached
New
For Sale
$1,050,000
3614 Shelby Road, Lynnwood, WA 98087
Both residences have three bedrooms, covered patios, private backyards, and separate utility meters.
Property Size3,004 SF
Price / SF$349.53
Days on Market6
Property Features for 3614 Shelby Road
General Information
Standard status
Active
Size
3,004 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Amenities
covered patios
private backyards
attached garages
separate utilities/meters
off-street parking
manicured grounds
peek-a-boo lake view
Building Details
Year Built
1995
Buildings
1
Listing Agency:
FIRST AND MAIN
Listed By:
Kathie Salvadalena
(425) 205-2135
Source:
Skylineproperties
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 26 at 3:11PM
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 FIRST AND MAIN
Investment Insights
Based on property information with market context.
Built in 1995, this 3,004-square-foot duplex contains two residences, each with three bedrooms and 2.5 bathrooms. Both units include covered patios, private backyards, and attached garages. Separate utilities and meters serve the residences. Unit A has been completely updated, and the property has new exterior paint and a new roof. A partial lake view is noted.
The property offers access to I-5, I-405, public transit, and the Lynnwood Light Rail Station. Lynnwood City Center, Alderwood Mall, shopping, dining, parks, and major employers are also identified in the surrounding area.
The property offers access to I-5, I-405, public transit, and the Lynnwood Light Rail Station. Lynnwood City Center, Alderwood Mall, shopping, dining, parks, and major employers are also identified in the surrounding area.
Key Highlights
- Two residences, each with 3 bedrooms and 2.5 bathrooms
- 3,004‑square‑foot duplex built in 1995
- Unit A is completely updated
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
$50,076
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
4.77%
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%
$1,001,520
$1.0M
Cap Rate 7%
$715,371
$715.4K
Cap Rate 9%
$556,400
$556.4K
Market Conditions
NOI Build-Up for 3,004 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
$75.7K $25.20/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$71.5K $23.81/SF
− OpEx
−$21.5K −$7.14/SF
NOI
$50.1K $16.67/SF
Area
Snohomish County, WA
Vacancy
5.50%
Lease Rate
$25.20 /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%
$1,001,520
Cap Rate 7%
$715,371
Cap Rate 9%
$556,400
Alternative Uses
Best Use
Multifamily LT 5
$715.4K
$626.0K – $834.6K
NOI $50,076 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$641.9K
$561.7K – $748.9K
NOI $44,932 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$837.8K
$733.0K – $977.4K
NOI $58,643 @ 7.0% cap · market cap 5.59%
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
623
Businesses Nearby
Explore this area
Business Placement
Demographics for 98087, WA
40,711
Population
16,625
Households
2.4
Avg Household Size
35
Median Age
39%
College-Educated
91%
High-School Grad
5.7 sq mi
ZIP Area
7,142
Density / Sq Mi
$106,541
Median Household Income
$56,592
Median Earnings
$2,010
Median Rent
$633,200
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 - Both residences have three bedrooms, covered patios, private backyards, and separate utility meters.
Where is this duplex located?
The property is located at 3614 Shelby Road Lynnwood, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2.5 bathrooms; 3,004‑square‑foot duplex built in 1995; Unit A is completely updated
