Updated Duplex with Modern
New
For Sale
$749,000
9417 Winona St SW, Lakewood, WA 98498
Remodeled two-unit property with updated interiors and access to JBLM, shopping, dining, and regional transportation.
Property Size2,616 SF
Price / SF$286.31
Days on Market1
Property Features for 9417 Winona St SW
General Information
Standard status
Active
Size
2,616 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1957
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Sep 14
Last Checked: Sep 14 at 7:04AM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
Built in 1957, this 2,616-square-foot duplex has been remodeled with newer flooring, refreshed cabinets, updated countertops, and additional interior improvements. The two-unit configuration provides separate residential spaces within a low-maintenance property in an established Lakewood neighborhood.
The property is located at 9417 Winona St SW in Lakewood, Washington, with access to JBLM, schools, shopping, dining, I-5, SR 512, and the Sounder train. Its updated condition and proximity to employment, transportation, and daily conveniences support both owner-occupant and rental-oriented use.
The property is located at 9417 Winona St SW in Lakewood, Washington, with access to JBLM, schools, shopping, dining, I-5, SR 512, and the Sounder train. Its updated condition and proximity to employment, transportation, and daily conveniences support both owner-occupant and rental-oriented use.
Key Highlights
- 2,616‑square‑foot duplex in Lakewood, WA
- Built in 1957
- Remodeled interiors with newer flooring
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
$34,322
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
4.58%
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%
$686,440
$686.4K
Cap Rate 7%
$490,314
$490.3K
Cap Rate 9%
$381,356
$381.4K
Market Conditions
NOI Build-Up for 2,616 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
$52.7K $20.16/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$49.0K $18.74/SF
− OpEx
−$14.7K −$5.62/SF
NOI
$34.3K $13.12/SF
Area
Pierce County, WA
Vacancy
7.03%
Lease Rate
$20.16 /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%
$686,440
Cap Rate 7%
$490,314
Cap Rate 9%
$381,356
Alternative Uses
Best Use
Multifamily LT 5
$490.3K
$429.0K – $572.0K
NOI $34,322 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$452.2K
$395.7K – $527.6K
NOI $31,656 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$706.6K
$618.2K – $824.3K
NOI $49,459 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 98498, WA
29,982
Population
12,842
Households
2.3
Avg Household Size
41
Median Age
29%
College-Educated
91%
High-School Grad
9.9 sq mi
ZIP Area
3,028
Density / Sq Mi
$88,382
Median Household Income
$50,994
Median Earnings
$1,604
Median Rent
$458,200
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 - Remodeled two-unit property with updated interiors and access to JBLM, shopping, dining, and regional transportation.
Where is this duplex located?
The property is located at 9417 Winona St SW Lakewood, WA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 2,616‑square‑foot duplex in Lakewood, WA; Built in 1957; Remodeled interiors with newer flooring
