Rented Two-Unit
For Sale
$345,000
716 Frey Rd NW #18, Ephrata, WA 98823
Built in 1995 with individual garages and additional parking.
Property Size1,512 SF
Price / SF$228.17
Days on Market52
Property Features for 716 Frey Rd NW #18
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Multi-Family
Building Details
Year Built
1995
Listing Agency:
(509) 670-5532
Listed By:
Nick McLean Real Estate Group
(509) 670-5532
Source:
Nickmcleanrealestate
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 29 at 9:00AM
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 Nick McLean Real Estate Group
Investment Insights
Based on property information with market context.
This duplex contains 1,512 square feet and was built in 1995. Each side offers two bedrooms, one bathroom, and a single-car garage, with additional parking available on the property. Both units are currently rented.
The property is located across from Ephrata High School in Ephrata, Washington. A second contiguous duplex is also available for purchase, providing an option to acquire an adjoining property.
The property is located across from Ephrata High School in Ephrata, Washington. A second contiguous duplex is also available for purchase, providing an option to acquire an adjoining property.
Key Highlights
- Both units are currently rented
- 1,512‑square‑foot duplex built in 1995
- Each unit includes 2 bedrooms and 1 bath
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
$13,239
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
3.84%
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%
$264,780
$264.8K
Cap Rate 7%
$189,129
$189.1K
Cap Rate 9%
$147,100
$147.1K
Market Conditions
NOI Build-Up for 1,512 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
$20.7K $13.67/SF
− Vacancy
−$1.8K −$1.16/SF
EGI
$18.9K $12.51/SF
− OpEx
−$5.7K −$3.75/SF
NOI
$13.2K $8.76/SF
Area
Grant County, WA
Vacancy
8.50%
Lease Rate
$13.67 /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%
$264,780
Cap Rate 7%
$189,129
Cap Rate 9%
$147,100
Alternative Uses
Best Use
Multifamily LT 5
$189.1K
$165.5K – $220.7K
NOI $13,239 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$181.7K
$159.0K – $212.0K
NOI $12,717 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$328.5K
$287.4K – $383.2K
NOI $22,992 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 98823, WA
12,393
Population
4,646
Households
2.7
Avg Household Size
35
Median Age
17%
College-Educated
90%
High-School Grad
298.2 sq mi
ZIP Area
42
Density / Sq Mi
$77,361
Median Household Income
$46,929
Median Earnings
$956
Median Rent
$256,400
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 - Built in 1995 with individual garages and additional parking.
Where is this duplex located?
The property is located at 716 Frey Rd NW #18 Ephrata, WA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Both units are currently rented; 1,512‑square‑foot duplex built in 1995; Each unit includes 2 bedrooms and 1 bath
