Updated Duplex with
New
For Sale
$705,000
4410 4408 Quail Dr SE, Lacey, WA 98503
Vacant two-unit property with refreshed interiors, private garages, and separately paid utilities.
Property Size2,698 SF
Price / SF$261.30
Days on Market2
Property Features for 4410 4408 Quail Dr SE
General Information
Standard status
Active
Size
2,698 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Multifamily Units
2
Parking per Unit
1
Building Details
Year Built
1996
Listing Agency:
Bob Guardino Real Estate Srvs
Listed By:
Bob Guardino
(360) 710-7844
Source:
Montgomeryht
Added: Sep 10
Last Checked: Sep 10 at 2:39PM
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 Bob Guardino Real Estate Srvs
Investment Insights
Based on property information with market context.
This 2,698-square-foot duplex, built in 1996, is vacant in both units, allowing a new owner to choose an on-site residence. The building has been repainted throughout, and each unit includes a garage with an automatic opener. The roof was installed 4 years ago.
Unit 4408 features a remodeled kitchen, new carpeting, and fresh paint. Utility costs are paid by the tenants, providing a defined operating structure when occupied. The property also includes apple, cherry, and peach trees, adding established outdoor features to the residential setting at 4410 and 4408 Quail Dr SE in Lacey, Washington.
Unit 4408 features a remodeled kitchen, new carpeting, and fresh paint. Utility costs are paid by the tenants, providing a defined operating structure when occupied. The property also includes apple, cherry, and peach trees, adding established outdoor features to the residential setting at 4410 and 4408 Quail Dr SE in Lacey, Washington.
Key Highlights
- 2,698‑square‑foot duplex built in 1996
- Both units are vacant, providing owner‑occupancy flexibility
- Each unit includes a garage with opener
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
$36,697
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
5.21%
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%
$733,940
$733.9K
Cap Rate 7%
$524,243
$524.2K
Cap Rate 9%
$407,744
$407.7K
Market Conditions
NOI Build-Up for 2,698 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
$55.0K $20.40/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$52.4K $19.43/SF
− OpEx
−$15.7K −$5.83/SF
NOI
$36.7K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /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%
$733,940
Cap Rate 7%
$524,243
Cap Rate 9%
$407,744
Alternative Uses
Best Use
Multifamily LT 5
$524.2K
$458.7K – $611.6K
NOI $36,697 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$483.3K
$422.9K – $563.9K
NOI $33,833 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$790.0K
$691.2K – $921.6K
NOI $55,298 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Explore this area
Business Placement
Demographics for 98503, WA
40,346
Population
18,375
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
93%
High-School Grad
11.1 sq mi
ZIP Area
3,635
Density / Sq Mi
$87,515
Median Household Income
$47,554
Median Earnings
$1,673
Median Rent
$407,700
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 - Vacant two-unit property with refreshed interiors, private garages, and separately paid utilities.
Where is this duplex located?
The property is located at 4410 4408 Quail Dr SE Lacey, WA.
What is the asking price?
The asking price for this property is $705,000.
What are key features of this property?
This property features: 2,698‑square‑foot duplex built in 1996; Both units are vacant, providing owner‑occupancy flexibility; Each unit includes a garage with opener
