Rented Duplex with
For Sale
$345,000
726 Frey Rd NW, Ephrata, WA 98823
Two occupied units offer separate layouts, individual garages, and additional parking.
Property Size1,755 SF
Price / SF$196.58
Days on Market53
Property Features for 726 Frey Rd NW
General Information
Standard status
Active
Size
1,755 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1995
Tenancy
Multi
Listing Agency:
(509) 670-5532
Listed By:
Nick McLean Real Estate Group
(509) 670-5532
Source:
Nickmcleanrealestate
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 10:19PM
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 1,755-square-foot duplex, built in 1995, includes two separately configured residences. One side has three bedrooms, one and one-half bathrooms, and a single-car garage. The other provides two bedrooms, one bathroom, and its own single-car garage. Additional parking is available for each unit, and both sides are currently rented.
The property is located across from Ephrata High School at 726 Frey Rd NW in Ephrata, Washington. A contiguous duplex is also available for purchase, creating an opportunity to acquire an adjacent multifamily property along with this building.
The property is located across from Ephrata High School at 726 Frey Rd NW in Ephrata, Washington. A contiguous duplex is also available for purchase, creating an opportunity to acquire an adjacent multifamily property along with this building.
Key Highlights
- 1,755 SF duplex built in 1995
- Both units are currently rented
- One unit has 3 bedrooms and 1 1/2 bathrooms
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
$15,366
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
4.45%
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%
$307,320
$307.3K
Cap Rate 7%
$219,514
$219.5K
Cap Rate 9%
$170,733
$170.7K
Market Conditions
NOI Build-Up for 1,755 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
$24.0K $13.67/SF
− Vacancy
−$2.0K −$1.16/SF
EGI
$22.0K $12.51/SF
− OpEx
−$6.6K −$3.75/SF
NOI
$15.4K $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%
$307,320
Cap Rate 7%
$219,514
Cap Rate 9%
$170,733
Alternative Uses
Best Use
Multifamily LT 5
$219.5K
$192.1K – $256.1K
NOI $15,366 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$210.9K
$184.5K – $246.0K
NOI $14,761 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$381.2K
$333.6K – $444.8K
NOI $26,687 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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 - Two occupied units offer separate layouts, individual garages, and additional parking.
Where is this duplex located?
The property is located at 726 Frey Rd NW 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: 1,755 SF duplex built in 1995; Both units are currently rented; One unit has 3 bedrooms and 1 1/2 bathrooms
