Four-Unit Multifamily
For Sale
$985,000
904 31st St NE, Auburn, WA 98002
Two-bedroom residences offer private garages, in-unit laundry, and individual patios or decks.
Property Size3,804 SF
Price / SF$258.94
Days on Market43
Property Features for 904 31st St NE
General Information
Standard status
Active
Size
3,804 SF
Property subtype
Multi-Family
Building Details
Year Built
1984
Listing Agency:
KW Mountains to Sound Realty
(206) 890-2585
Listed By:
Brian Manaois
Source:
Theinspiregroup
Added: Jul 19
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 KW Mountains to Sound Realty
Investment Insights
Based on property information with market context.
This four-unit multifamily property was built in 1984 and includes four residences, each with 2 bedrooms, 1 bath, a great room layout, and an individual kitchen with cabinetry and storage. Private patios or decks extend the living areas, while dedicated garages and in-unit laundry add practical functionality. The property sits on a third-acre lot with additional parking and no HOA.
Located at 904 31st St NE in Auburn, the property is near shopping, dining, healthcare, schools, and major commuting routes. Its unit configuration and on-site features support a straightforward income-producing residential setup.
Located at 904 31st St NE in Auburn, the property is near shopping, dining, healthcare, schools, and major commuting routes. Its unit configuration and on-site features support a straightforward income-producing residential setup.
Key Highlights
- Four units, each with 2 bedrooms and 1 bath
- Third‑acre lot with extra parking
- Private garage assigned to 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
$64,160
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
6.51%
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%
$1,283,200
$1.3M
Cap Rate 7%
$916,571
$916.6K
Cap Rate 9%
$712,889
$712.9K
Market Conditions
NOI Build-Up for 3,804 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
$97.0K $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%
$1,283,200
Cap Rate 7%
$916,571
Cap Rate 9%
$712,889
Alternative Uses
Best Use
Multifamily LT 5
$916.6K
$802.0K – $1.07M
NOI $64,160 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$844.7K
$739.1K – $985.4K
NOI $59,126 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,652 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-bedroom residences offer private garages, in-unit laundry, and individual patios or decks.
Where is this quadplex located?
The property is located at 904 31st St NE Auburn, WA.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 bath; Third‑acre lot with extra parking; Private garage assigned to each unit
