Building Details

Year Built 1983

Listing Agency: Kidder Mathews

Listed By: Brian Richardson Show Phone

Source: Century21northhomes

Added: Apr 11 Changed: Sep 13 Last Checked: Sep 13 at 9:14AM

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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

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 = 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

$106,473

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

7.89%

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%

$2,129,460 $2.1M

Cap Rate 7%

$1,521,043 $1.5M

Cap Rate 9%

$1,183,033 $1.2M

Market Conditions

NOI Build-Up for 5,952 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

$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 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%

$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.

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

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

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.