Improved Duplex
New
For Sale
$449,000
503 Hillcrest St, Grandview, WA 98930
Two separate residential units provide a straightforward duplex configuration with updated interiors and functional living areas.
Property Size1,674 SF
Price / SF$268.22
Days on Market5
Property Features for 503 Hillcrest St
General Information
Standard status
Active
Size
1,674 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,197
Listing Agency:
HomeSmart Elite Brokers
(509) 554-1091
Listed By:
Travis Sams
(509) 554-1091
Source:
Exprealty
Added: Aug 13
Changed: Aug 17
Last Checked: Aug 17 at 2:23AM
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 HomeSmart Elite Brokers
Investment Insights
Based on property information with market context.
This duplex contains 1,674 square feet arranged as two separate residential units. Each unit includes living areas, bedrooms, and bathrooms, creating distinct layouts within the property. Recent upgrades and improvements have been completed, supporting continued residential use and rental operations.
Located at 503 Hillcrest St in Grandview, the property offers a two-unit format for an owner-occupant or residential income buyer. The separate-unit design provides flexibility while retaining a compact, manageable configuration.
Located at 503 Hillcrest St in Grandview, the property offers a two-unit format for an owner-occupant or residential income buyer. The separate-unit design provides flexibility while retaining a compact, manageable configuration.
Key Highlights
- Two separate residential units
- 1,674 square feet total property size
- Each unit includes bedrooms and bathrooms
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
$18,795
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
4.19%
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%
$375,900
$375.9K
Cap Rate 7%
$268,500
$268.5K
Cap Rate 9%
$208,833
$208.8K
Market Conditions
NOI Build-Up for 1,674 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
$28.7K $17.16/SF
− Vacancy
−$1.9K −$1.12/SF
EGI
$26.9K $16.04/SF
− OpEx
−$8.1K −$4.81/SF
NOI
$18.8K $11.23/SF
Area
Yakima County, WA
Vacancy
6.53%
Lease Rate
$17.16 /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%
$375,900
Cap Rate 7%
$268,500
Cap Rate 9%
$208,833
Alternative Uses
Best Use
Multifamily LT 5
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$233.7K
$204.5K – $272.7K
NOI $16,360 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$340.0K
$297.5K – $396.6K
NOI $23,797 @ 7.0% cap · market cap 5.30%
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
47
Businesses Nearby
Explore this area
Business Placement
Demographics for 98930, WA
15,339
Population
4,910
Households
3.1
Avg Household Size
30
Median Age
9%
College-Educated
67%
High-School Grad
44.9 sq mi
ZIP Area
342
Density / Sq Mi
$67,798
Median Household Income
$34,675
Median Earnings
$980
Median Rent
$277,600
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 separate residential units provide a straightforward duplex configuration with updated interiors and functional living areas.
Where is this duplex located?
The property is located at 503 Hillcrest St Grandview, WA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two separate residential units; 1,674 square feet total property size; Each unit includes bedrooms and bathrooms
