Updated Four-Unit Apartment
For Sale
$1,100,000
3838 D, Auburn, WA 98002
Four two-bedroom residences include full-sized washers and dryers.
Property Size3,784 SF
Price / SF$290.70
Days on Market90
Property Features for 3838 D
General Information
Standard status
Active
Size
3,784 SF
Property subtype
Multi-family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
full sized W/D
private patio or balcony
fireplace
Building Details
Year Built
1981
Buildings
1
Listing Agency:
Northmarq Multifamily,LLC
Listed By:
Steven Fischer
(253) 604-6000
Source:
Skylineproperties
Added: Jun 3
Changed: Aug 30
Last Checked: Aug 30 at 8:25PM
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 Northmarq Multifamily,LLC
Investment Insights
Based on property information with market context.
D Place Apartments is a four-unit residential income property completed in 1981. Each residence contains 2 bedrooms, 1 bathroom, and 960 SF, with a full-sized washer and dryer, a private patio or balcony, and a fireplace. Interior work has been completed in 3/4 units, including stainless steel appliances and LVP flooring, while the roof dates to 2017.
The property occupies a corner lot in Auburn, WA, with street exposure suitable for signage. Current rents are estimated to be 10% below market, and the asset is presented as stabilized with additional rent-growth potential.
The property occupies a corner lot in Auburn, WA, with street exposure suitable for signage. Current rents are estimated to be 10% below market, and the asset is presented as stabilized with additional rent-growth potential.
Key Highlights
- Four‑unit property with 2‑BD/1‑BTH residences
- Each unit measures 960SF and includes a full‑sized W/D
- 3/4 units renovated with SS appliances and LVP flooring
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
$63,823
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
5.80%
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%
$1,276,460
$1.3M
Cap Rate 7%
$911,757
$911.8K
Cap Rate 9%
$709,144
$709.1K
Market Conditions
NOI Build-Up for 3,784 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
$96.5K $25.50/SF
− Vacancy
−$5.3K −$1.41/SF
EGI
$91.2K $24.09/SF
− OpEx
−$27.4K −$7.23/SF
NOI
$63.8K $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%
$1,276,460
Cap Rate 7%
$911,757
Cap Rate 9%
$709,144
Alternative Uses
Best Use
Multifamily LT 5
$911.8K
$797.8K – $1.06M
NOI $63,823 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$840.2K
$735.2K – $980.3K
NOI $58,815 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,091 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
352
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences include full-sized washers and dryers.
Where is this quadplex located?
The property is located at 3838 D Auburn, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four‑unit property with 2‑BD/1‑BTH residences; Each unit measures 960SF and includes a full‑sized W/D; 3/4 units renovated with SS appliances and LVP flooring
