Duplex with Private
New
For Sale
$559,000
501 503 S Pine Avenue, Warden, WA 98857
Both residences are leased on one-year terms, with fenced outdoor areas and underground sprinklers.
Property Size2,832 SF
Price / SF$197.39
Days on Market3
Property Features for 501 503 S Pine Avenue
General Information
Standard status
Active
Size
2,832 SF
Property subtype
Multi-Family
Net Operating Income
$37,034
Taxes and HOA fees
Annual Taxes
$5,236
Amenities
Laminate,Carpet
Yes
No
2
6
Electric
Alley,Curbs,Paved
Community
Cable TV,Fenced-Fully,High Speed Internet,Patio,Sprinkler System
0.1524
Wood Products
Poured Concrete
2832
Building Details
Building Size
2,832 SF
Year Built
2023
Stories
2
Listing Agency:
Evergreen Real Estate
(503) 585-1970
Listed By:
Daniel Mwangi
(978) 551-1166
Source:
Premierepropertygroup
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 8:58AM
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 Evergreen Real Estate
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains 2,832 square feet across two residences. Each offers three bedrooms, 2.5 bathrooms, more than 1,400 square feet of living area, and a private laundry room. Interior finishes include quartz countertops, laminate flooring, and carpet. Both units have fully fenced yards with underground sprinklers, and patios are also noted among the property features.
The property is at 501–503 S Pine Avenue in Warden, Washington. Both residences are currently leased on one-year agreements, providing an established rental arrangement. The reported building area is 2,832 square feet.
The property is at 501–503 S Pine Avenue in Warden, Washington. Both residences are currently leased on one-year agreements, providing an established rental arrangement. The reported building area is 2,832 square feet.
Key Highlights
- Two residences, each with 3 bedrooms and 2.5 bathrooms
- 2,832 square feet total; each residence offers over 1,400 square feet
- Currently leased on 1‑year terms
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
$24,796
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
4.44%
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%
$495,920
$495.9K
Cap Rate 7%
$354,229
$354.2K
Cap Rate 9%
$275,511
$275.5K
Market Conditions
NOI Build-Up for 2,832 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
$38.7K $13.67/SF
− Vacancy
−$3.3K −$1.16/SF
EGI
$35.4K $12.51/SF
− OpEx
−$10.6K −$3.75/SF
NOI
$24.8K $8.76/SF
Area
Grant County, WA
Vacancy
8.50%
Lease Rate
$13.67 /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%
$495,920
Cap Rate 7%
$354,229
Cap Rate 9%
$275,511
Alternative Uses
Best Use
Multifamily LT 5
$354.2K
$310.0K – $413.3K
NOI $24,796 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$340.3K
$297.7K – $397.0K
NOI $23,819 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$615.2K
$538.3K – $717.8K
NOI $43,065 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 98857, WA
3,999
Population
1,355
Households
3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
167.4 sq mi
ZIP Area
24
Density / Sq Mi
$57,743
Median Household Income
$37,099
Median Earnings
$820
Median Rent
$194,400
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 - Both residences are leased on one-year terms, with fenced outdoor areas and underground sprinklers.
Where is this duplex located?
The property is located at 501 503 S Pine Avenue Warden, WA.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2.5 bathrooms; 2,832 square feet total; each residence offers over 1,400 square feet; Currently leased on 1‑year terms
