Two-Unit Duplex with
For Sale
$950,000
938 Quinn Ave, Marysville, WA 98270
Two-level residences offer private laundry, finished garages, and separate living, dining, and kitchen areas.
Property Size3,716 SF
Price / SF$255.65
Days on Market16
Property Features for 938 Quinn Ave
General Information
Standard status
Active
Size
3,716 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Amenities
laundry room
Building Details
Year Built
2007
Buildings
1
Listing Agency:
KW North Sound
Listed By:
Lance Otto
Source:
Searchhomesinbellingham
Added: Aug 16
Changed: Aug 31
Last Checked: Aug 25 at 7:40AM
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 North Sound
Investment Insights
Based on property information with market context.
Built in 2007, this duplex contains 3,716 square feet, with each residence measuring more than 1,800 square feet. Both units provide three bedrooms, 2.5 bathrooms, an attached 2-car garage, and a two-level layout. Main floors include living, dining, kitchen, and half-bath areas, while the upper levels add three bedrooms, a full bathroom, laundry room, and a primary suite with an ensuite bath. Birch cabinetry, granite tile countertops, and stainless steel appliances furnish each kitchen.
The property includes a large front yard and alley access to the finished garages. Its Marysville setting is near downtown, shopping, dining, the YMCA, schools, and everyday amenities.
The property includes a large front yard and alley access to the finished garages. Its Marysville setting is near downtown, shopping, dining, the YMCA, schools, and everyday amenities.
Key Highlights
- Duplex with 3,716 square feet total; each unit exceeds 1,800 square feet
- Each side includes 3 bedrooms and 2.5 bathrooms
- Attached 2‑car garages with alley access; garages are finished
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
$61,945
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
6.52%
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%
$1,238,900
$1.2M
Cap Rate 7%
$884,929
$884.9K
Cap Rate 9%
$688,278
$688.3K
Market Conditions
NOI Build-Up for 3,716 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
$93.6K $25.20/SF
− Vacancy
−$5.2K −$1.39/SF
EGI
$88.5K $23.81/SF
− OpEx
−$26.5K −$7.14/SF
NOI
$61.9K $16.67/SF
Area
Snohomish County, WA
Vacancy
5.50%
Lease Rate
$25.20 /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%
$1,238,900
Cap Rate 7%
$884,929
Cap Rate 9%
$688,278
Alternative Uses
Best Use
Multifamily LT 5
$884.9K
$774.3K – $1.03M
NOI $61,945 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$794.0K
$694.8K – $926.4K
NOI $55,581 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$1.04M
$906.8K – $1.21M
NOI $72,543 @ 7.0% cap · market cap 7.64%
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
1,569
Businesses Nearby
Explore this area
Business Placement
Demographics for 98270, WA
51,969
Population
19,840
Households
2.6
Avg Household Size
37
Median Age
23%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
3,634
Density / Sq Mi
$102,258
Median Household Income
$50,619
Median Earnings
$1,845
Median Rent
$540,000
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-level residences offer private laundry, finished garages, and separate living, dining, and kitchen areas.
Where is this duplex located?
The property is located at 938 Quinn Ave Marysville, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Duplex with 3,716 square feet total; each unit exceeds 1,800 square feet; Each side includes 3 bedrooms and 2.5 bathrooms; Attached 2‑car garages with alley access; garages are finished
