Well-Maintained 4-Plex with
For Sale
$1,000,000
903 31ST, Auburn, WA 98002
Fully occupied 4-plex with townhome-style layouts, each unit featuring 2 bed/1 bath and a 1-car garage.
Property Size3,806 SF
Price / SF$262.74
Days on Market133
Property Features for 903 31ST
General Information
Standard status
Active
Size
3,806 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
4
Building Details
Year Built
1984
Listing Agency:
Skyline Properties, Inc.
Listed By:
Eric Johnson
(206) 550-4573
Source:
Skylineproperties
Added: May 2
Changed: Sep 10
Last Checked: Sep 10 at 5:24AM
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 Skyline Properties, Inc.
Investment Insights
Based on property information with market context.
Well-maintained, fully occupied 4-plex offering a townhome-style configuration in each unit. All units are two bedrooms and one bath and feature laminate flooring, with the added convenience of a 1-car garage per unit.
The property is positioned near major commuting routes and within reach of shopping, schools, public transportation, and employment centers throughout Auburn, Kent, and the greater South King County market.
For buyers seeking a residential income asset, the consistent unit mix and garage amenities provide a straightforward operating profile across the four homes.
The property is positioned near major commuting routes and within reach of shopping, schools, public transportation, and employment centers throughout Auburn, Kent, and the greater South King County market.
For buyers seeking a residential income asset, the consistent unit mix and garage amenities provide a straightforward operating profile across the four homes.
Key Highlights
- 1984‑built, fully occupied 4‑plex with townhome‑style unit layouts
- Each unit is a 2‑bedroom, 1‑bath layout
- Units include laminate flooring
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
$64,194
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
6.42%
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%
$1,283,880
$1.3M
Cap Rate 7%
$917,057
$917.1K
Cap Rate 9%
$713,267
$713.3K
Market Conditions
NOI Build-Up for 3,806 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
$97.1K $25.50/SF
− Vacancy
−$5.3K −$1.41/SF
EGI
$91.7K $24.09/SF
− OpEx
−$27.5K −$7.23/SF
NOI
$64.2K $16.87/SF
Area
King County, WA
Vacancy
5.51%
Lease Rate
$25.50 /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%
$1,283,880
Cap Rate 7%
$917,057
Cap Rate 9%
$713,267
Alternative Uses
Best Use
Multifamily LT 5
$917.1K
$802.4K – $1.07M
NOI $64,194 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$845.1K
$739.5K – $986.0K
NOI $59,157 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,708 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Explore this area
Business Placement
Demographics for 98002, WA
38,474
Population
15,279
Households
2.5
Avg Household Size
36
Median Age
18%
College-Educated
84%
High-School Grad
7.2 sq mi
ZIP Area
5,344
Density / Sq Mi
$77,714
Median Household Income
$44,616
Median Earnings
$1,613
Median Rent
$397,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied 4-plex with townhome-style layouts, each unit featuring 2 bed/1 bath and a 1-car garage.
Where is this quadplex located?
The property is located at 903 31ST Auburn, WA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 1984‑built, fully occupied 4‑plex with townhome‑style unit layouts; Each unit is a 2‑bedroom, 1‑bath layout; Units include laminate flooring
