Side-by-Side Duplex with
For Sale
$549,999
7438 Mullen Road SE # A-B, Lacey, WA 98503
Two-bedroom units offer private outdoor space, in-unit laundry, and direct access from the kitchens to fenced yards.
Property Size1,765 SF
Price / SF$311.61
Days on Market207
Property Features for 7438 Mullen Road SE # A-B
General Information
Standard status
Active
Size
1,765 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$42,368
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$2,100
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,965
Amenities
in-unit washer and dryer
private fenced yard
Laminate,Vinyl
Yes
No
1
4
Electric
Public
Fenced-Partially,Patio
2
0.3048
Wood Products
1765
Building Details
Building Size
1,765 SF
Year Built
1977
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Realty One Group Bold
(503) 209-0452
Listed By:
Andrea Drutu
(503) 209-0452
Source:
Premierepropertygroup
Added: Feb 4
Changed: Aug 30
Last Checked: Aug 30 at 3:51AM
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.
Built in 1977, this side-by-side duplex contains two 2-bedroom, 1-bath residences within 1,765 square feet. Each unit includes an attached garage, a private fenced yard, a sizable living room, and a kitchen with access to the backyard. In-unit washer and dryer connections add convenience, while recent upgrades complement the existing construction. Both residences are currently rented.
The property is located in Lacey on Mullen Road SE, with schools, shopping, and everyday amenities identified nearby. Its two-unit configuration supports separate household living with similar layouts and individual outdoor areas.
The parcel includes approximately 0.3048 acres, and the property provides two garage spaces along with patio areas and partially fenced exterior space.
The property is located in Lacey on Mullen Road SE, with schools, shopping, and everyday amenities identified nearby. Its two-unit configuration supports separate household living with similar layouts and individual outdoor areas.
The parcel includes approximately 0.3048 acres, and the property provides two garage spaces along with patio areas and partially fenced exterior space.
Key Highlights
- Two‑unit side‑by‑side duplex with matching 2‑bedroom, 1‑bath residences
- 1,765 square feet of building area on approximately 0.3048 acres
- Attached garage 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
4.36%
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 4.36%
Second Best
Apartment 5plus
$316.2K
$276.7K – $368.9K
NOI $22,133 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$516.8K
$452.2K – $602.9K
NOI $36,175 @ 7.0% cap · market cap 6.58%
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units offer private outdoor space, in-unit laundry, and direct access from the kitchens to fenced 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 $549,999.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex with matching 2‑bedroom, 1‑bath residences; 1,765 square feet of building area on approximately 0.3048 acres; Attached garage provided for each unit
