Updated Duplex with Refreshed
New
For Sale
$669,000
406 E Pioneer St Unit G, Granite Falls, WA 98252
Two rental residences provide separate washer and dryer connections and a paved parking area.
Property Size1,874 SF
Price / SF$356.99
Days on Market6
Property Features for 406 E Pioneer St Unit G
General Information
Standard status
Active
Size
1,874 SF
Property subtype
Multi-Family
Building Details
Year Built
1985
Listing Agency:
Keller Williams North Seattle
Listed By:
Kevin Jude Fitzgerald
(206) 327-8002
Source:
Searchhomesinbellingham
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 2:56PM
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 Keller Williams North Seattle
Investment Insights
Based on property information with market context.
This 1,874-square-foot duplex at 406 E Pioneer St in Granite Falls contains two residences: a 2-bedroom, 1-bath unit measuring 840 square feet and a 3-bedroom, 1.75-bath unit with 1,034 square feet. Both have washer and dryer hookups. The building dates to 1985, and each residence has updated kitchen cabinetry, fixtures, appliances, and granite countertops. Living areas have luxury vinyl plank flooring, while bedrooms are carpeted; the interiors share the same finishes.
A newly paved parking lot serves the property. The two-unit configuration offers separate living spaces within one residential income property.
A newly paved parking lot serves the property. The two-unit configuration offers separate living spaces within one residential income property.
Key Highlights
- Two‑unit property totals 1,874 square feet
- 840‑square‑foot unit has 2 bedrooms, 1 bath, and washer/dryer hookups
- 1,034‑square‑foot unit has 3 bedrooms, 1.75 baths, and washer/dryer hookups
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
$31,239
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
4.67%
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%
$624,780
$624.8K
Cap Rate 7%
$446,271
$446.3K
Cap Rate 9%
$347,100
$347.1K
Market Conditions
NOI Build-Up for 1,874 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
$47.2K $25.20/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$44.6K $23.81/SF
− OpEx
−$13.4K −$7.14/SF
NOI
$31.2K $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%
$624,780
Cap Rate 7%
$446,271
Cap Rate 9%
$347,100
Alternative Uses
Best Use
Multifamily LT 5
$446.3K
$390.5K – $520.7K
NOI $31,239 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$400.4K
$350.4K – $467.2K
NOI $28,030 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$522.6K
$457.3K – $609.7K
NOI $36,584 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Explore this area
Business Placement
Demographics for 98252, WA
10,645
Population
4,441
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
92%
High-School Grad
238.7 sq mi
ZIP Area
45
Density / Sq Mi
$95,235
Median Household Income
$57,551
Median Earnings
$1,412
Median Rent
$492,500
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 - Two rental residences provide separate washer and dryer connections and a paved parking area.
Where is this duplex located?
The property is located at 406 E Pioneer St Unit G Granite Falls, WA.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Two‑unit property totals 1,874 square feet; 840‑square‑foot unit has 2 bedrooms, 1 bath, and washer/dryer hookups; 1,034‑square‑foot unit has 3 bedrooms, 1.75 baths, and washer/dryer hookups
