Building Details

Year Built 2011

Year Renovated 2015

Buildings 3

Units 3

Tenancy Single

Listing Agency: Realty One Group Bold

Listed By: Donna Weaver · License #WA, 27418 Show Phone

Source: Crexi

Added: Jun 2 Changed: Aug 16 Last Checked: Sep 13 at 6:13AM

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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 Realty One Group Bold

Investment Insights

Based on property information with market context.

This listing is a residential income multifamily property being offered for sale. It falls within the “other multifamily properties” category, providing a housing-focused investment opportunity consistent with multifamily ownership and operation.

The property is located at 6146 Waldrick Road Southeast in Tenino, Washington. The offering is presented as a for-sale transaction, giving qualified buyers the option to evaluate the asset for residential income use within the local market context of Tenino.

For tenants and operators, the key consideration is that this is a multifamily housing asset rather than a single-tenant commercial building. For buyers, it’s a straightforward residential income property to underwrite based on the existing multifamily configuration and associated ownership requirements. If you’re evaluating this offering, the next step is to review the property details and determine how it fits your acquisition strategy for residential income multifamily assets, including your plans for management, occupancy approach, and operational oversight.

Key Highlights

• Residential income multifamily property for sale at 6146 Waldrick Road Southeast in Tenino, WA
• Built in 2011

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

$60,292

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

6.29%

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%

$1,205,840 $1.2M

Cap Rate 7%

$861,314 $861.3K

Cap Rate 9%

$669,911 $669.9K

Market Conditions

NOI Build-Up for 4,808 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

$115.4K $24.00/SF

− Vacancy

−$5.8K −$1.20/SF

EGI

$109.6K $22.80/SF

− OpEx

−$49.3K −$10.26/SF

NOI

$60.3K $12.54/SF

Area

Thurston County, WA

Vacancy

5.00%

Lease Rate

$24.00 /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%

$1,205,840

Cap Rate 7%

$861,314

Cap Rate 9%

$669,911

Alternative Uses

Best Use

Apartment 5plus

$861.3K

$753.7K – $1.00M (±1% cap)

NOI $60,292 @ 7.0% cap · market cap 6.29%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,545 @ 7.0% cap · market cap 10.28%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Sabrina's 24 hour ... Kennel & Boarding Facility

Suggested Use

Top Pick Wine and Liquor Store

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

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 98589, WA

8,091

Population

3,122

Households

2.6

Avg Household Size

43

Median Age

26%

College-Educated

91%

High-School Grad

92.6 sq mi

ZIP Area

87

Density / Sq Mi

$89,119

Median Household Income

$57,944

Median Earnings

$1,284

Median Rent

$408,600

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

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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?

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Frequently Asked Questions

What type of property is this?

Multifamily property - For-sale residential income multifamily property at 6146 Waldrick Road Southeast in Tenino, WA.

Where is this multifamily property located?

The property is located at 6146 Waldrick Road Southeast Tenino, WA.

What is the asking price?

The asking price for this property is $959,000.

What are key features of this property?

This property features: Residential income multifamily property for sale at 6146 Waldrick Road Southeast in Tenino, WA; Built in 2011