Multifamily Property with Garage
For Sale
$949,997
38181 Se Northern St, Snoqualmie, WA 98065
Duplex-style configuration includes separate entrances and an additional finished living space with its own kitchen and bathroom.
Property Size2,260 SF
Price / SF$420.35
Days on Market45
Property Features for 38181 Se Northern St
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$90,000
Building Details
Year Built
1948
Listing Agency:
RE/MAX Equity Group
Listed By:
Lorna Murray · License #880400197
(503) 680-1221
Source:
Seattlepropertysource
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 2 at 6:41PM
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 RE/MAX Equity Group
Investment Insights
Based on property information with market context.
Located at 38181 SE Northern St in Snoqualmie, this 2,260-square-foot multifamily property was built in 1948 and is arranged in a duplex-style configuration with separate entrances. The property contains 7 bedrooms and 3 bathrooms, along with laundry hookups serving each living space.
A finished garage conversion adds a one-bedroom living area with a full kitchen and bathroom. The layout also supported separate occupancy of individual portions, and the property includes updated siding and a newer roof installed approximately one year ago. The buyer is responsible for verifying permitted uses and intended occupancy arrangements.
A finished garage conversion adds a one-bedroom living area with a full kitchen and bathroom. The layout also supported separate occupancy of individual portions, and the property includes updated siding and a newer roof installed approximately one year ago. The buyer is responsible for verifying permitted uses and intended occupancy arrangements.
Key Highlights
- 2,260‑square‑foot multifamily property in Snoqualmie
- 7 bedrooms and 3 bathrooms
- Duplex‑style layout with separate entrances
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
4.01%
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 4.01%
Second Best
Apartment 5plus
$501.8K
$439.1K – $585.5K
NOI $35,127 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$905.2K
$792.0K – $1.06M
NOI $63,363 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Explore this area
Business Placement
Demographics for 98065, WA
16,292
Population
5,681
Households
2.9
Avg Household Size
36
Median Age
64%
College-Educated
99%
High-School Grad
70.4 sq mi
ZIP Area
231
Density / Sq Mi
$182,132
Median Household Income
$94,019
Median Earnings
$3,052
Median Rent
$890,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Duplex-style configuration includes separate entrances and an additional finished living space with its own kitchen and bathroom.
Where is this multifamily property located?
The property is located at 38181 Se Northern St Snoqualmie, WA.
What is the asking price?
The asking price for this property is $949,997.
What are key features of this property?
This property features: 2,260‑square‑foot multifamily property in Snoqualmie; 7 bedrooms and 3 bathrooms; Duplex‑style layout with separate entrances
