Updated Duplex with Shared
New
For Sale
$425,000
733 Delaware St, Longview, WA 98632
Two remodeled residential units offer functional layouts and separate laundry connections within a shared garage.
Property Size1,403 SF
Price / SF$302.92
Days on Market4
Property Features for 733 Delaware St
General Information
Standard status
Active
Size
1,403 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1978
Listing Agency:
Realty One Group NorthStars
(360) 562-5822
Listed By:
Patricia Britcher · License #27703
Source:
Evokepropertypartners
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 8:54PM
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 NorthStars
Investment Insights
Based on property information with market context.
This duplex contains two remodeled residences, each configured with two bedrooms and one bathroom. Updates include new light fixtures and refreshed exterior paint, while the interiors are arranged for practical everyday living. A shared garage provides two laundry hookups, with one connection designated for each unit.
The property is located at 733 Delaware St in Longview, Washington, near hospitals, bus routes, shopping, and parks. Its established rental history and ongoing revenue are documented in the property information.
The property is located at 733 Delaware St in Longview, Washington, near hospitals, bus routes, shopping, and parks. Its established rental history and ongoing revenue are documented in the property information.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- Both units have been remodeled
- Shared garage with 2 laundry hookups
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
$16,149
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
3.80%
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%
$322,980
$323.0K
Cap Rate 7%
$230,700
$230.7K
Cap Rate 9%
$179,433
$179.4K
Market Conditions
NOI Build-Up for 1,403 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
$24.4K $17.40/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$23.1K $16.44/SF
− OpEx
−$6.9K −$4.93/SF
NOI
$16.1K $11.51/SF
Area
Cowlitz County, WA
Vacancy
5.50%
Lease Rate
$17.40 /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%
$322,980
Cap Rate 7%
$230,700
Cap Rate 9%
$179,433
Alternative Uses
Best Use
Multifamily LT 5
$230.7K
$201.9K – $269.2K
NOI $16,149 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$211.8K
$185.4K – $247.2K
NOI $14,829 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$462.2K
$404.5K – $539.3K
NOI $32,357 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,515
Businesses Nearby
Explore this area
Business Placement
Demographics for 98632, WA
50,721
Population
21,787
Households
2.3
Avg Household Size
41
Median Age
16%
College-Educated
90%
High-School Grad
121.4 sq mi
ZIP Area
418
Density / Sq Mi
$64,705
Median Household Income
$40,928
Median Earnings
$1,142
Median Rent
$355,200
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 remodeled residential units offer functional layouts and separate laundry connections within a shared garage.
Where is this duplex located?
The property is located at 733 Delaware St Longview, WA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; Both units have been remodeled; Shared garage with 2 laundry hookups
