Two-Unit Duplex with Private
New
For Sale
$665,000
6628 Bailey, Lacey, WA 98513
Each residence includes a fenced yard, private garage, engineered hardwood flooring, and tile countertops.
Property Size2,362 SF
Price / SF$281.54
Days on Market5
Property Features for 6628 Bailey
General Information
Standard status
Active
Size
2,362 SF
Total Parking Spaces
2
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA - 1443 sqft, 1 x 2BR/1BA - 919 sqft
Multifamily Units
2
Building Details
Year Built
2012
Buildings
1
Listing Agency:
Skyline Properties,Inc.
Listed By:
Michael (Scott) Fladseth
(206) 795-9500
Source:
Skylineproperties
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 5 at 3:02PM
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 Skyline Properties,Inc.
Investment Insights
Based on property information with market context.
Built in 2012, this duplex contains two separate residences totaling 2,362 square feet. The larger unit offers 3 bedrooms and 2 baths across 1,443 square feet, with a primary suite, walk-in closet, kitchen, dining area, laundry room, and private garage. The second residence provides 2 bedrooms and 1 bath within 919 square feet and includes a large primary bedroom, kitchen, dining area, laundry room, and private garage. Both units feature engineered hardwood flooring, tile countertops, oversized windows, and fenced private yards.
The property at 6628 Bailey in Lacey, Washington, has golf course views and access to nearby shopping, parks, lakes, trails, schools, restaurants, hospitals, sports courts, play areas, and bus lines. Interstate 5 is accessible for regional commuting.
The property at 6628 Bailey in Lacey, Washington, has golf course views and access to nearby shopping, parks, lakes, trails, schools, restaurants, hospitals, sports courts, play areas, and bus lines. Interstate 5 is accessible for regional commuting.
Key Highlights
- Two‑unit duplex totaling 2,362 square feet
- Unit 1: 3 bedrooms, 2 baths, and 1,443sqft
- Unit 2: 2 bedrooms, 1 bath, and 919sqft
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
$32,127
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
4.83%
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%
$642,540
$642.5K
Cap Rate 7%
$458,957
$459.0K
Cap Rate 9%
$356,967
$357.0K
Market Conditions
NOI Build-Up for 2,362 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
$48.2K $20.40/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$45.9K $19.43/SF
− OpEx
−$13.8K −$5.83/SF
NOI
$32.1K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /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%
$642,540
Cap Rate 7%
$458,957
Cap Rate 9%
$356,967
Alternative Uses
Best Use
Multifamily LT 5
$459.0K
$401.6K – $535.5K
NOI $32,127 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$423.1K
$370.2K – $493.7K
NOI $29,619 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$691.6K
$605.2K – $806.9K
NOI $48,412 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 98513, WA
36,059
Population
14,533
Households
2.5
Avg Household Size
39
Median Age
33%
College-Educated
94%
High-School Grad
49.9 sq mi
ZIP Area
723
Density / Sq Mi
$108,270
Median Household Income
$54,639
Median Earnings
$1,897
Median Rent
$443,300
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?
Duplex - Each residence includes a fenced yard, private garage, engineered hardwood flooring, and tile countertops.
Where is this duplex located?
The property is located at 6628 Bailey Lacey, WA.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,362 square feet; Unit 1: 3 bedrooms, 2 baths, and 1,443sqft; Unit 2: 2 bedrooms, 1 bath, and 919sqft
