Two-Unit Residential
For Sale
$449,000
503 Hillcrest St, Grandview, WA 98930
Residential Income, Grandview, WA
Property Size1,674 SF
Lot Size0.26 Acres
Price / SF$268.22
Days on Market50
Property Features for 503 Hillcrest St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Dining Room, Bedroom 2, Bedroom 1, Bedroom 3
Parking features
Carport
Window features
Double Pane Windows, Vinyl Frames
Interior features
Dining/Living Room Combo
Exterior features
Storage Building, Fencing/Enclosed
Fencing
Fenced
Basement
Unfinished
Appliances
Range/Oven, Refrigerator, Hood/Fan
Subdivision
GRANDVIEW
Elementary school district
Grandview
Middle school district
Grandview
High school district
Grandview
Directions
Use GPS
Standard status
Active
APN
23092241502
Size
1,674 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2198
Utilities
Utilities
Electricity Available
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump, Central Air
Water source
Public
Building Details
Year built
1960
Number of units
2
Building materials
Masonry, Wood Siding, Brick Trim
Roof type
Composition
Additional Structures
Storage
Listing Agency:
HomeSmart Elite Brokers
(509) 371-9085
Listed By:
Travis Sams
(509) 554-1091
Added: Aug 13
Changed: Sep 16
Last Checked: Oct 1 at 11:06PM
MLS# 295514
Copyright © 2026 PACMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,674-square-foot duplex at 503 Hillcrest St includes two separate residential units with a combined layout of four bedrooms and two bathrooms. Interior features include dining and living areas, while each unit is supported by range/oven, refrigerator, and hood/fan appliances. Central air and heat pump systems provide heating and cooling, with electric service and public water. The property also includes a composition roof, masonry and wood siding construction with brick trim, and a carport.
The 0.26-acre parcel is fenced and includes an enclosed storage building. Located in Grandview, Washington, the property is zoned Residential and includes available electricity service. Its two-unit configuration provides distinct residential spaces within a single property.
The 0.26-acre parcel is fenced and includes an enclosed storage building. Located in Grandview, Washington, the property is zoned Residential and includes available electricity service. Its two-unit configuration provides distinct residential spaces within a single property.
Key Highlights
- Two separate residential units on a 0.26‑acre parcel
- 1,674 square feet with 4 bedrooms and 2 bathrooms
- Carport, enclosed storage building, and fenced grounds
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
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
77
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Residential property with separate living spaces, carport parking, fenced grounds, and a storage building.
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 on a 0.26‑acre parcel; 1,674 square feet with 4 bedrooms and 2 bathrooms; Carport, enclosed storage building, and fenced grounds
