Two-Unit Duplex with Private
For Sale
$695,000
602 604 Redwood Ln, Sedro Woolley, WA 98284
Two mirrored units offer in-unit laundry, fenced yard areas, and off-street parking.
Property Size3,096 SF
Price / SF$224.48
Days on Market52
Property Features for 602 604 Redwood Ln
General Information
Standard status
Active
Size
3,096 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1.75BA
Multifamily Units
2
Amenities
in-unit laundry
skylights
private entrances
fenced backyard areas
Building Details
Year Built
1996
Buildings
1
Listing Agency:
Tucker Realty ERA Powered
(360) 404-5428
Listed By:
Machelle Osborne
Source:
Pierceandkingcountyhouses
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 1:12PM
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 Tucker Realty ERA Powered
Investment Insights
Based on property information with market context.
This 3,096-square-foot duplex, built in 1996, contains two well-maintained residences with matching three-bedroom, 1.75-bath layouts. Each unit has its own entrance, bright living area, efficient kitchen, in-unit laundry, and skylights. Improvements include durable flooring, updated fixtures, PEX plumbing, and energy-efficient windows. City utilities and separately metered power serve the property.
The flat, usable lot provides off-street parking for both residences along with separate fenced backyard areas. The property is located near Historic Downtown Sedro-Woolley, schools, parks, and SR-20. Burlington, Costco, and I-5 are approximately 15 minutes away, with access toward Mount Vernon and nearby employment hubs. Hiking and river access are also within the surrounding area.
The flat, usable lot provides off-street parking for both residences along with separate fenced backyard areas. The property is located near Historic Downtown Sedro-Woolley, schools, parks, and SR-20. Burlington, Costco, and I-5 are approximately 15 minutes away, with access toward Mount Vernon and nearby employment hubs. Hiking and river access are also within the surrounding area.
Key Highlights
- Two residential units, each with 3 bedrooms and 1.75 baths
- 3,096 SF duplex built in 1996
- Separate entrances, mirrored floor plans, and in‑unit laundry
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
$23,596
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
3.40%
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%
$471,920
$471.9K
Cap Rate 7%
$337,086
$337.1K
Cap Rate 9%
$262,178
$262.2K
Market Conditions
NOI Build-Up for 3,096 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
$34.2K $11.04/SF
− Vacancy
−$472 −$0.15/SF
EGI
$33.7K $10.89/SF
− OpEx
−$10.1K −$3.27/SF
NOI
$23.6K $7.62/SF
Area
Skagit County, WA
Vacancy
1.38%
Lease Rate
$11.04 /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%
$471,920
Cap Rate 7%
$337,086
Cap Rate 9%
$262,178
Alternative Uses
Best Use
Multifamily LT 5
$337.1K
$295.0K – $393.3K
NOI $23,596 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$293.4K
$256.8K – $342.3K
NOI $20,540 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,142 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 98284, WA
27,293
Population
11,095
Households
2.5
Avg Household Size
39
Median Age
20%
College-Educated
89%
High-School Grad
281.3 sq mi
ZIP Area
97
Density / Sq Mi
$82,097
Median Household Income
$50,074
Median Earnings
$1,476
Median Rent
$427,900
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?
Duplex - Two mirrored units offer in-unit laundry, fenced yard areas, and off-street parking.
Where is this duplex located?
The property is located at 602 604 Redwood Ln Sedro Woolley, WA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two residential units, each with 3 bedrooms and 1.75 baths; 3,096 SF duplex built in 1996; Separate entrances, mirrored floor plans, and in‑unit laundry
