Duplex With Attached
For Sale
$525,000
7438 Mullen Road Se A-b, Lacey, WA 98503
Side-by-side residences offer private outdoor space, in-unit laundry, and direct access to the rear yards.
Property Size1,765 SF
Price / SF$297.45
Days on Market46
Property Features for 7438 Mullen Road Se A-b
General Information
Standard status
Active
Size
1,765 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$2,100
Road Access
Yes
Amenities
in-unit washer and dryer
attached garage
private fenced yard
Building Details
Year Built
1977
Buildings
1
Tenancy
Multi
Listing Agency:
Realty One Group Bold
(360) 634-8600
Listed By:
Tucker Stanley
Source:
Montgomeryht
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 29 at 12:02PM
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 Realty One Group Bold
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two 2-bedroom, 1-bath residences with conventional layouts and attached garages. Each unit includes a spacious living area, a generously sized kitchen with access to the backyard, an in-unit washer and dryer, and a private fenced yard. The property was built in 1977 and has received recent upgrades.
Both residences are currently rented, providing an income-producing configuration for an owner or investor. The property is located at 7438 Mullen Road SE in Lacey, Washington, near schools, shopping, and everyday amenities.
Both residences are currently rented, providing an income-producing configuration for an owner or investor. The property is located at 7438 Mullen Road SE in Lacey, Washington, near schools, shopping, and everyday amenities.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a side‑by‑side duplex configuration
- Attached garage serving each residence
- Private fenced yard provided for each unit
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
$24,007
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
4.57%
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%
$480,140
$480.1K
Cap Rate 7%
$342,957
$343.0K
Cap Rate 9%
$266,744
$266.7K
Market Conditions
NOI Build-Up for 1,765 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
$36.0K $20.40/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$34.3K $19.43/SF
− OpEx
−$10.3K −$5.83/SF
NOI
$24.0K $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%
$480,140
Cap Rate 7%
$342,957
Cap Rate 9%
$266,744
Alternative Uses
Best Use
Multifamily LT 5
$343.0K
$300.1K – $400.1K
NOI $24,007 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$316.2K
$276.7K – $368.9K
NOI $22,133 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$516.8K
$452.2K – $602.9K
NOI $36,175 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 98503, WA
40,346
Population
18,375
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
93%
High-School Grad
11.1 sq mi
ZIP Area
3,635
Density / Sq Mi
$87,515
Median Household Income
$47,554
Median Earnings
$1,673
Median Rent
$407,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residences offer private outdoor space, in-unit laundry, and direct access to the rear yards.
Where is this duplex located?
The property is located at 7438 Mullen Road Se A-b Lacey, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units in a side‑by‑side duplex configuration; Attached garage serving each residence; Private fenced yard provided for each unit
