New Duplexes in Moses
For Sale
$825,000
504 S Alder Street Moses, Moses Lake, WA 98837
Two newly built duplexes with an 8-year tax exemption.
Property Size3,870 SF
Price / SF$213.18
Days on Market384
Property Features for 504 S Alder Street Moses
General Information
Standard status
Active
Size
3,870 SF
Property subtype
Multi-Family
Amenities
Central A/C
Heat Pump
Forced Air
Composition
Building Details
Building Size
3,870 SF
Year Built
2024
Listing Agency:
Richmond
(509) 537-2675
Listed By:
Haley Pratt · License #139476
(509) 537-2675
Source:
Kw
Added: Aug 8, 2025
Changed: Aug 22
Last Checked: Aug 25 at 5:17PM
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 Richmond
Investment Insights
Based on property information with market context.
This property presents a prime investment opportunity with two newly built duplexes constructed in 2024, located in central Moses Lake. The property benefits from an 8-year tax exemption. Each identical unit features 3 bedrooms and 1 bathroom, designed for comfort, efficiency, and long-term durability. Interior features include concrete floors, 9-foot ceilings, stainless steel appliances, and in-unit washer and dryer. Each unit is equipped with central heating and air conditioning, and utilities are individually metered. The property provides two parking spaces per unit, large secure mailboxes, and drought-tolerant landscaping with an irrigation system. The location is minutes from the police department, Surf 'n Slide Water Park, shops, and dining. Three of the four units are currently leased, with one unit available, making it ideal for an owner-occupant looking to live on-site while generating rental income. The total property size is 3870 square feet.
Key Highlights
- Two newly built (2024) duplexes offering a prime investment opportunity.
- Enjoy significantly reduced ownership costs with an 8‑year tax exemption.
- Three of four units are currently leased, providing immediate rental income.
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
$33,884
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
4.11%
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%
$677,680
$677.7K
Cap Rate 7%
$484,057
$484.1K
Cap Rate 9%
$376,489
$376.5K
Market Conditions
NOI Build-Up for 3,870 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
$52.9K $13.67/SF
− Vacancy
−$4.5K −$1.16/SF
EGI
$48.4K $12.51/SF
− OpEx
−$14.5K −$3.75/SF
NOI
$33.9K $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%
$677,680
Cap Rate 7%
$484,057
Cap Rate 9%
$376,489
Alternative Uses
Best Use
Multifamily LT 5
$484.1K
$423.6K – $564.7K
NOI $33,884 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$465.0K
$406.9K – $542.5K
NOI $32,549 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$840.7K
$735.6K – $980.8K
NOI $58,849 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 98837, WA
46,262
Population
18,651
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
87%
High-School Grad
486.2 sq mi
ZIP Area
95
Density / Sq Mi
$70,732
Median Household Income
$44,214
Median Earnings
$1,128
Median Rent
$290,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two newly built duplexes with an 8-year tax exemption.
Where is this duplex located?
The property is located at 504 S Alder Street Moses Moses Lake, WA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two newly built (2024) duplexes offering a prime investment opportunity.; Enjoy significantly reduced ownership costs with an 8‑year tax exemption.; Three of four units are currently leased, providing immediate rental income.
