Single-Story Duplex with
For Sale
$484,000
4416 Ridgewood Court Nw A & B, Olympia, WA 98502
One residence is occupied while the second is vacant for an owner-occupant or new tenancy.
Property Size1,808 SF
Lot Size0.33 Acres
Price / SF$267.70
Days on Market30
Property Features for 4416 Ridgewood Court Nw A & B
General Information
Standard status
Active
Size
1,808 SF
Lot size
0.33 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1981
Buildings
1
Stories
1
Listing Agency:
The Rants Group
Listed By:
Jeri L Snyder · License #21035292
Source:
Montgomeryht
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 30 at 8:03PM
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 The Rants Group
Investment Insights
Based on property information with market context.
Built in 1981, this single-level duplex contains two 2-bedroom, 1-bath residences totaling 1,808 square feet. Each unit is approximately 904 square feet and includes a kitchen equipped with a range/oven, refrigerator, and dishwasher. One unit is occupied, while the other is vacant and ready for occupancy or lease-up.
The property sits on an approximately 0.33-acre lot in a cul-de-sac setting in Olympia’s Cooper Point area, with access to local amenities, services, and transportation routes. Recent work includes a 2025 re-roof, refinished shower and replacement dryer in Unit A, updated kitchen appliances in both units, and new carpets and vinyl flooring in Unit B. Two additional duplexes in the same cul-de-sac are also offered for sale.
The property sits on an approximately 0.33-acre lot in a cul-de-sac setting in Olympia’s Cooper Point area, with access to local amenities, services, and transportation routes. Recent work includes a 2025 re-roof, refinished shower and replacement dryer in Unit A, updated kitchen appliances in both units, and new carpets and vinyl flooring in Unit B. Two additional duplexes in the same cul-de-sac are also offered for sale.
Key Highlights
- Two 2‑bedroom, 1‑bath units with approximately 904 square feet per unit
- 1,808 square feet of total living space on an approximately 0.33‑acre lot
- Unit A occupied; Unit B vacant for occupancy or lease‑up
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
$24,592
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
5.08%
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%
$491,840
$491.8K
Cap Rate 7%
$351,314
$351.3K
Cap Rate 9%
$273,244
$273.2K
Market Conditions
NOI Build-Up for 1,808 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
$36.9K $20.40/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$35.1K $19.43/SF
− OpEx
−$10.5K −$5.83/SF
NOI
$24.6K $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%
$491,840
Cap Rate 7%
$351,314
Cap Rate 9%
$273,244
Alternative Uses
Best Use
Multifamily LT 5
$351.3K
$307.4K – $409.9K
NOI $24,592 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$323.9K
$283.4K – $377.9K
NOI $22,672 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$529.4K
$463.2K – $617.6K
NOI $37,057 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 98502, WA
35,698
Population
15,550
Households
2.3
Avg Household Size
41
Median Age
52%
College-Educated
97%
High-School Grad
63.4 sq mi
ZIP Area
563
Density / Sq Mi
$87,154
Median Household Income
$46,404
Median Earnings
$1,569
Median Rent
$496,500
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 - One residence is occupied while the second is vacant for an owner-occupant or new tenancy.
Where is this duplex located?
The property is located at 4416 Ridgewood Court Nw A & B Olympia, WA.
What is the asking price?
The asking price for this property is $484,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units with approximately 904 square feet per unit; 1,808 square feet of total living space on an approximately 0.33‑acre lot; Unit A occupied; Unit B vacant for occupancy or lease‑up
