Remodeled Duplex with Covered
For Sale
$625,000
908 Pioneer, Ridgefield, WA 98642
Two single-story units feature updated interiors, fenced yards, and additional off-street parking.
Property Size2,816 SF
Price / SF$221.95
Days on Market38
Property Features for 908 Pioneer
General Information
Standard status
Active
Size
2,816 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1991
Buildings
1
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 966-4371
Listed By:
Realty Portland Team
(503) 966-4371
Source:
Realtyportland
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 29 at 3:03PM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This duplex contains two single-story residences, each with 3 bedrooms. Both units have been remodeled with luxury vinyl plank flooring, refreshed baseboards and countertops, and newer appliances. The property also includes fenced yards, covered parking, and additional off-street spaces. Built in 1991, the building measures 2,816 SF.
Located at 908 Pioneer in Ridgefield, the property is minutes from downtown, Costco, Rosauers, local boutiques, restaurants, and everyday amenities. The site is also near the future Ridgefield waterfront development. Cash or non-QM financing only; tenants are not to be disturbed.
Located at 908 Pioneer in Ridgefield, the property is minutes from downtown, Costco, Rosauers, local boutiques, restaurants, and everyday amenities. The site is also near the future Ridgefield waterfront development. Cash or non-QM financing only; tenants are not to be disturbed.
Key Highlights
- Two remodeled single‑story units, each with 3 bedrooms
- 2,816 SF duplex built in 1991
- Updated flooring, baseboards, countertops, and newer appliances
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
$36,688
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
5.87%
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%
$733,760
$733.8K
Cap Rate 7%
$524,114
$524.1K
Cap Rate 9%
$407,644
$407.6K
Market Conditions
NOI Build-Up for 2,816 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
$55.8K $19.80/SF
− Vacancy
−$3.3K −$1.19/SF
EGI
$52.4K $18.61/SF
− OpEx
−$15.7K −$5.58/SF
NOI
$36.7K $13.03/SF
Area
Clark County, WA
Vacancy
6.00%
Lease Rate
$19.80 /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%
$733,760
Cap Rate 7%
$524,114
Cap Rate 9%
$407,644
Alternative Uses
Best Use
Multifamily LT 5
$524.1K
$458.6K – $611.5K
NOI $36,688 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$489.3K
$428.2K – $570.9K
NOI $34,253 @ 7.0% cap · market cap 5.48%
Theoretical Best
Specialty Retail
$686.0K
$600.3K – $800.4K
NOI $48,023 @ 7.0% cap · market cap 7.68%
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
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 98642, WA
23,685
Population
9,736
Households
2.4
Avg Household Size
41
Median Age
41%
College-Educated
96%
High-School Grad
56.8 sq mi
ZIP Area
417
Density / Sq Mi
$119,316
Median Household Income
$62,710
Median Earnings
$1,938
Median Rent
$622,800
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 single-story units feature updated interiors, fenced yards, and additional off-street parking.
Where is this duplex located?
The property is located at 908 Pioneer Ridgefield, WA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two remodeled single‑story units, each with 3 bedrooms; 2,816 SF duplex built in 1991; Updated flooring, baseboards, countertops, and newer appliances
