Large-Format Duplex
For Sale
$595,000
921 West Ted Yao Way, Moses Lake, WA 98837
Turnkey duplex with two separate units, each offering 4 bedrooms, in-unit laundry hookups, and an attached 2-car garage.
Property Size3,184 SF
Days on Market109
Property Features for 921 West Ted Yao Way
General Information
Standard status
Active
Size
3,184 SF
Property subtype
Multifamily
Building Details
Building Size
3,184 SF
Year Built
2025
Listed By:
Lien Ma, CCIM · License #WA #26386
(425) 306-5458
Source:
Sperrycga
Added: May 27
Changed: Sep 8
Last Checked: Sep 12 at 5:59AM
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 Lien Ma, CCIM
Investment Insights
Based on property information with market context.
This turnkey, new-construction duplex is designed to function like two separate single-family homes. The property includes two units, each with a two-story layout featuring an open-concept living area, modern kitchen finishes with solid-surface countertops and stainless appliances, and in-unit laundry hookups. Each unit also provides 4 bedrooms, 2.25 bathrooms, a private entry, and an attached 2-car garage.
Located at 921 Ted Yao Way in Moses Lake, WA 98837, the duplex is built to support low-maintenance ownership while providing two fully independent residences under one property.
With private entries, mirrored unit layouts, and attached garages for each side, this configuration offers straightforward day-to-day convenience for an owner-occupant or a buyer seeking income from both units.
Located at 921 Ted Yao Way in Moses Lake, WA 98837, the duplex is built to support low-maintenance ownership while providing two fully independent residences under one property.
With private entries, mirrored unit layouts, and attached garages for each side, this configuration offers straightforward day-to-day convenience for an owner-occupant or a buyer seeking income from both units.
Key Highlights
- Duplex with two separate units, each featuring 4 bedrooms and 2.25 bathrooms
- Each unit has a private entry and a two‑story layout with open‑concept living areas
- Modern kitchens in both units with solid‑surface countertops and stainless 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
$27,878
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
4.69%
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%
$557,560
$557.6K
Cap Rate 7%
$398,257
$398.3K
Cap Rate 9%
$309,756
$309.8K
Market Conditions
NOI Build-Up for 3,184 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
$43.5K $13.67/SF
− Vacancy
−$3.7K −$1.16/SF
EGI
$39.8K $12.51/SF
− OpEx
−$11.9K −$3.75/SF
NOI
$27.9K $8.76/SF
Area
Grant County, WA
Vacancy
8.50%
Lease Rate
$13.67 /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%
$557,560
Cap Rate 7%
$398,257
Cap Rate 9%
$309,756
Alternative Uses
Best Use
Multifamily LT 5
$398.3K
$348.5K – $464.6K
NOI $27,878 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$382.6K
$334.7K – $446.3K
NOI $26,779 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$691.7K
$605.2K – $807.0K
NOI $48,417 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
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Business Placement
Demographics for 98837, WA
46,262
Population
18,651
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
87%
High-School Grad
486.2 sq mi
ZIP Area
95
Density / Sq Mi
$70,732
Median Household Income
$44,214
Median Earnings
$1,128
Median Rent
$290,000
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?
Duplex - Turnkey duplex with two separate units, each offering 4 bedrooms, in-unit laundry hookups, and an attached 2-car garage.
Where is this duplex located?
The property is located at 921 West Ted Yao Way Moses Lake, WA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Duplex with two separate units, each featuring 4 bedrooms and 2.25 bathrooms; Each unit has a private entry and a two‑story layout with open‑concept living areas; Modern kitchens in both units with solid‑surface countertops and stainless appliances
