Duplex with Private
For Sale
$549,900
4938 Wilshire Court Se A & B, Lacey, WA 98503
Each residence includes a fenced yard, private patio, and driveway parking.
Property Size1,650 SF
Price / SF$333.27
Days on Market21
Property Features for 4938 Wilshire Court Se A & B
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
fenced yard
private patio
Building Details
Year Built
1990
Buildings
1
Stories
1
Listing Agency:
Century 21 Van Dorm Realty
(360) 280-7126
Listed By:
Beatrice Scott
Source:
Chehalisvalleyrealty
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 29 at 11:18PM
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 Century 21 Van Dorm Realty
Investment Insights
Based on property information with market context.
This one-level duplex contains 1,650 square feet, with two 825-square-foot residences. Each unit includes a living area, bedrooms, a fenced yard, private patio, one-car garage, and additional driveway parking. The property was built in 1990 and is positioned at the end of a cul-de-sac.
Located at 4938 Wilshire Court SE A & B in Lacey, the duplex is within walking distance of Rainier Vista Park and offers access to I-5 and JBLM. Nearby amenities include schools, medical services, restaurants, golf courses, the Chehalis Western Trail, and grocery stores. Bus service is available along Ruddell Rd.
Located at 4938 Wilshire Court SE A & B in Lacey, the duplex is within walking distance of Rainier Vista Park and offers access to I-5 and JBLM. Nearby amenities include schools, medical services, restaurants, golf courses, the Chehalis Western Trail, and grocery stores. Bus service is available along Ruddell Rd.
Key Highlights
- Two‑unit duplex totaling 1,650 square feet; each residence measures 825 sq ft
- Built in 1990 with a one‑level layout
- Each unit has a fenced yard and private patio
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
$22,443
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
4.08%
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%
$448,860
$448.9K
Cap Rate 7%
$320,614
$320.6K
Cap Rate 9%
$249,367
$249.4K
Market Conditions
NOI Build-Up for 1,650 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
$33.7K $20.40/SF
− Vacancy
−$1.6K −$0.97/SF
EGI
$32.1K $19.43/SF
− OpEx
−$9.6K −$5.83/SF
NOI
$22.4K $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%
$448,860
Cap Rate 7%
$320,614
Cap Rate 9%
$249,367
Alternative Uses
Best Use
Multifamily LT 5
$320.6K
$280.5K – $374.1K
NOI $22,443 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$295.6K
$258.6K – $344.9K
NOI $20,691 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$483.1K
$422.7K – $563.6K
NOI $33,818 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
328
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 - Each residence includes a fenced yard, private patio, and driveway parking.
Where is this duplex located?
The property is located at 4938 Wilshire Court Se A & B Lacey, WA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,650 square feet; each residence measures 825 sq ft; Built in 1990 with a one‑level layout; Each unit has a fenced yard and private patio
