Building Details

Year Built 1983

Listing Agency: Kidder Mathews

Listed By: Brian Richardson · License #78371 Show Phone

Source: Century21northhomes

Added: Apr 11 Changed: Nov 5 Last Checked: Nov 4 at 4:48PM

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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 Kidder Mathews

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Investment Insights

Based on property information with market context.

This one-of-a-kind mixed-use building totals 5,952 sq ft and is zoned for mixed use. The top floor is a 1,152-sq-ft, 2-bedroom apartment. The 4th floor is street level and includes 1,248 sq ft of commercial space that can be leased as-is or incorporated into the apartment above for a two-story layout. The 3rd floor offers a 1,184-sq-ft, 2-bedroom apartment, and the 2nd floor is 1,248 sq ft and currently waiting to be used, potentially as an addition to the apartment above it. On the ground floor, a lounge area includes a kitchen, bathroom, and laundry, along with 7 storage units that can support building occupants or generate rental income. The internet in the building consistently tests fast.

Located at 58410 State Route 410 E in Greenwater, WA 98022, the property combines residential income potential with street-level commercial space in a single structure.

Key Highlights

• 5,952 sq ft mixed‑use building with street‑level commercial space and multiple apartment units.
• Top floor offers a 1,152 sq ft 2‑bedroom apartment.
• 3rd floor includes a 1,184 sq ft 2‑bedroom apartment.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$106,473

Cap Rate

7.89%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,129,460 $2.1M

Cap Rate 7%

$1,521,043 $1.5M

Cap Rate 9%

$1,183,033 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,952 SF

Gross rent

$157.1K $26.40/SF

− Vacancy

−$5.0K −$0.84/SF

EGI

$152.1K $25.56/SF

− OpEx

−$45.6K −$7.67/SF

NOI

$106.5K $17.89/SF

Area

King County, WA

Vacancy

3.20%

Lease Rate

$26.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,129,460

Cap Rate 7%

$1,521,043

Cap Rate 9%

$1,183,033

Alternative Uses

Best Use

Retail

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,473 @ 7.0% cap · market cap 7.89%

Second Best

Apartment 5plus

$1.32M

$1.16M – $1.54M (±1% cap)

NOI $92,512 @ 7.0% cap · market cap 6.85%

Theoretical Best

Office A

$2.38M

$2.09M – $2.78M (±1% cap)

NOI $166,875 @ 7.0% cap · market cap 12.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Retail space

Suggested Use

Top Pick Grocery & Convenience Store Real Estate Agency Wine and Liquor Store Restaurant Bar & Pub

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

17

Businesses Nearby

Explore this area Business Placement

Demographics for 98022, WA

22,874

Population

9,828

Households

2.3

Avg Household Size

42

Median Age

29%

College-Educated

93%

High-School Grad

726.5 sq mi

ZIP Area

31

Density / Sq Mi

$116,613

Median Household Income

$59,360

Median Earnings

$1,626

Median Rent

$577,200

Median Home Value

Market

Average Price Trend$/SF for Multifamily properties in King County, WA

$416 Jul

$388 Aug

$376 Sep

$386 Oct

Properties on Market for Multifamily properties in King County

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - 5,952-sq-ft mixed-use building featuring street-level commercial space plus multiple apartment units.

Where is this multifamily property located?

The property is located at 58410 State Route 410 Greenwater, WA.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: 5,952 sq ft mixed‑use building with street‑level commercial space and multiple apartment units.; Top floor offers a 1,152 sq ft 2‑bedroom apartment.; 3rd floor includes a 1,184 sq ft 2‑bedroom apartment.