Medical Lake Duplex Investment
For Sale
$565,000
931-933 Stanley, Medical Lake, WA 99022
Fully rented duplex near Fairchild AFB with income potential.
Property Size2,614 SF
Price / SF$216.14
Days on Market79
Property Features for 931-933 Stanley
General Information
Standard status
Active
Size
2,614 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$5,166
Amenities
Garage: Attached
Garage Spaces: 4
Style: Other
Other
Attached
4
Building Details
Year Built
2018
Listing Agency:
Windermere Valley
(509) 324-6285
Listed By:
Brenda McKinley · License #129183
Source:
Clearwaterproperties
Added: May 25
Changed: Aug 11
Last Checked: Aug 11 at 4:30AM
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 Windermere Valley
Investment Insights
Based on property information with market context.
This fully rented duplex in Medical Lake presents an investor opportunity, offering income potential in a location near Fairchild Air Force Base, Amazon, Cheney, and Airway Heights. The property is also near outdoor recreation opportunities. Each side of the duplex features a 3-bedroom, 2.5-bath layout with attached 2-car garages and individual driveways, eliminating shared parking. The open-concept living spaces include sliding glass doors that lead to private back decks, providing added privacy for tenants with no direct neighbors behind. The primary suites include large walk-in closets. Comfort and low-maintenance appeal are provided by gas forced air heat, central A/C, and sprinkler systems. The property size is 2614 square feet. The property is located at 931-933 N Stanley St, Medical Lake, WA 99022.
Key Highlights
- Fully rented duplex provides immediate income and turnkey investment opportunity.
- Prime location near Fairchild Air Force Base, Amazon, Cheney, and Airway Heights ensures high tenant demand.
- Each unit features a spacious 3‑bedroom, 2.5‑bath layout with attached 2‑car garage and individual driveway.
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
$29,013
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
5.14%
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%
$580,260
$580.3K
Cap Rate 7%
$414,471
$414.5K
Cap Rate 9%
$322,367
$322.4K
Market Conditions
NOI Build-Up for 2,614 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
$44.9K $17.16/SF
− Vacancy
−$3.4K −$1.30/SF
EGI
$41.4K $15.86/SF
− OpEx
−$12.4K −$4.76/SF
NOI
$29.0K $11.10/SF
Area
Spokane County, WA
Vacancy
7.60%
Lease Rate
$17.16 /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%
$580,260
Cap Rate 7%
$414,471
Cap Rate 9%
$322,367
Alternative Uses
Best Use
Multifamily LT 5
$414.5K
$362.7K – $483.6K
NOI $29,013 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$380.9K
$333.3K – $444.4K
NOI $26,665 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$604.0K
$528.5K – $704.7K
NOI $42,282 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
Explore this area
Business Placement
Demographics for 99022, WA
8,867
Population
3,564
Households
2.5
Avg Household Size
43
Median Age
31%
College-Educated
96%
High-School Grad
68.3 sq mi
ZIP Area
130
Density / Sq Mi
$90,814
Median Household Income
$45,469
Median Earnings
$838
Median Rent
$345,600
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 - Fully rented duplex near Fairchild AFB with income potential.
Where is this duplex located?
The property is located at 931-933 Stanley Medical Lake, WA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Fully rented duplex provides immediate income and turnkey investment opportunity.; Prime location near Fairchild Air Force Base, Amazon, Cheney, and Airway Heights ensures high tenant demand.; Each unit features a spacious 3‑bedroom, 2.5‑bath layout with attached 2‑car garage and individual driveway.
