Occupied Duplex with
For Sale
$470,000
4424 NW Ridgewood Court A & B, Olympia, WA 98502
Two residential units provide private living areas, galley kitchens, laundry hookups, and access to guest parking.
Property Size1,860 SF
Price / SF$252.69
Days on Market48
Property Features for 4424 NW Ridgewood Court A & B
General Information
Standard status
Active
Size
1,860 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1976
Buildings
1
Listing Agency:
The Rants Group
Listed By:
Jeri L Snyder · License #21035292
Source:
Chehalisvalleyrealty
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 30 at 6:44PM
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.
This two-unit residential property was built in 1976 and includes a consistent layout in each residence: two bedrooms, one bathroom, a galley kitchen, dining area, living room, and a one-car garage with laundry space and washer and dryer hookups. Double-pane windows serve both units, which are currently occupied under month-to-month arrangements.
The property sits on a quiet cul-de-sac at 4424 NW Ridgewood Court A & B in Olympia. Schools, shopping, dining, parks, and essential services are located nearby, with access to major routes. Unit A received a new septic tank in November 2024.
The property sits on a quiet cul-de-sac at 4424 NW Ridgewood Court A & B in Olympia. Schools, shopping, dining, parks, and essential services are located nearby, with access to major routes. Unit A received a new septic tank in November 2024.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit
- One‑car garage and laundry area included with each unit
- Both units are occupied on month‑to‑month arrangements
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
$25,299
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
5.38%
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%
$505,980
$506.0K
Cap Rate 7%
$361,414
$361.4K
Cap Rate 9%
$281,100
$281.1K
Market Conditions
NOI Build-Up for 1,860 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
$37.9K $20.40/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$36.1K $19.43/SF
− OpEx
−$10.8K −$5.83/SF
NOI
$25.3K $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%
$505,980
Cap Rate 7%
$361,414
Cap Rate 9%
$281,100
Alternative Uses
Best Use
Multifamily LT 5
$361.4K
$316.2K – $421.7K
NOI $25,299 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$333.2K
$291.6K – $388.7K
NOI $23,324 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$544.6K
$476.5K – $635.4K
NOI $38,123 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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 - Two residential units provide private living areas, galley kitchens, laundry hookups, and access to guest parking.
Where is this duplex located?
The property is located at 4424 NW Ridgewood Court A & B Olympia, WA.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit; One‑car garage and laundry area included with each unit; Both units are occupied on month‑to‑month arrangements
