Multifamily Property with 18
For Sale
Contact for pricing
520 S Kelsey St, Monroe, WA 98272
Multifamily property featuring 18 units.
Property Size20,556 SF
Price / SF$252.97
Days on Market161
Property Features for 520 S Kelsey St
General Information
Standard status
Active
Size
20,556 SF
Total Parking Spaces
28
Property subtype
Multifamily
Building Details
Year Built
1989
Buildings
3
Stories
2
Units
18
Listing Agency:
Northmarq
Listed By:
Joe Kinkopf · License #WA 4255308576
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 14 at 8:40AM
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 Northmarq
Investment Insights
Based on property information with market context.
This multifamily property features 18 units. The property is suitable for residential income purposes and other apartment building uses. The property contains a total area of 20,556 square feet.
Key Highlights
- Multifamily property with 18 units.
- Price per unit: $288,889.
- Built in 1989.
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
$307,461
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
5.91%
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%
$6,149,220
$6.1M
Cap Rate 7%
$4,392,300
$4.4M
Cap Rate 9%
$3,416,233
$3.4M
Market Conditions
NOI Build-Up for 20,556 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
$604.3K $29.40/SF
− Vacancy
−$45.3K −$2.21/SF
EGI
$559.0K $27.20/SF
− OpEx
−$251.6K −$12.24/SF
NOI
$307.5K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$6,149,220
Cap Rate 7%
$4,392,300
Cap Rate 9%
$3,416,233
Alternative Uses
Best Use
Apartment 5plus
$4.39M
$3.84M – $5.12M
NOI $307,461 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.73M
$5.02M – $6.69M
NOI $401,290 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
886
Businesses Nearby
Explore this area
Business Placement
Demographics for 98272, WA
31,127
Population
10,313
Households
3
Avg Household Size
38
Median Age
29%
College-Educated
92%
High-School Grad
106.3 sq mi
ZIP Area
293
Density / Sq Mi
$115,894
Median Household Income
$51,879
Median Earnings
$1,902
Median Rent
$638,300
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?
Apartment building - Multifamily property featuring 18 units.
Where is this apartment building located?
The property is located at 520 S Kelsey St Monroe, WA.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: Multifamily property with 18 units.; Price per unit: $288,889.; Built in 1989.
