507 3rd Street, Sultan, WA 98294
- $900,000
- 3,874
- SqFt
Listing courtesy of Realty One Group Orca.
- List Price
- $900,000
- Status
- ACTIVE
- MLS#
- 2549035
- Price Change
- ▼ $49,000 1784696796
- Days on Market
- 25
- Style
- 54 - 4-Plex
- Building Condition
- Restored
- Finished SqFt
- 3,874
- Area Total SqFt
- 3874
- Annual Tax Ammount
- 5211
- Lot Size (sq ft)
- 12,632
- Sewer
- Sewer Connected
Property Description
Rare fully-renovated 4-plex offering immediate cash flow and a clear value-add path — plus a $10,000 seller credit toward closing costs or a rate buy-down, accretive to day-one returns. Three of four units are fully remodeled and turnkey — Units 505 & 507 are tenant-occupied, and Unit 503 has been completely renovated to the same standard (new cabinets, quartz counters, tile bath, LVP flooring) and is move-in ready, with multiple rental inquiries already in hand at an estimated $1,900/mo. Units 503 & 507 also feature new water heaters, with Unit 505's water heater installed in 2019 — added peace of mind on mechanicals. Once leased, projected NOI reaches approximately $50,000+ on gross scheduled income of $66,671. Unit 509 is unfinished and represents additional built-in upside: convert to a 1-bed for an estimated $1,200/mo, pushing the cap rate toward 6%+ with minimal capital outlay. Exterior fully updated — new siding, new paint, front half of roof replaced, plumbing & electrical upgrades completed. Separate legal address on Unit 509 adds flexibility for a refinance. Huge .29-acre lot, 8+ off-street parking spaces, strong Sultan rental demand. Also ideal for an owner-occupant buyer: move into vacant, fully-remodeled Unit 503 with low-down-payment FHA or VA financing and let 505 & 507 help cover the mortgage — turnkey house-hacking made easy.
Additional Information
- List Date
- 2026-07-02 18:58:13
- Community
- Sultan
- Net Operating Income
- $50,039
- Gross Adjusted Income
- $66,671
- Gross Scheduled Income
- $66,671
- Total Monthly Income
- $7,023
- Insurance Expenses
- $4,829
- Water/Sewer/Garbage Expenses
- $6,590
- Gross Rent Multiplier
- 14.23
- Total Expenses
- $16,631
- Cap Rate
- 5.27
- Total Number of Units
- 4
- Unit Name
- 507
- Potential Terms
- Cash, Conventional, FHA, USDA Loan, VA Loan
- Year Built
- 1952
- View
- Mountains, Territorial
- Roof
- Composition
- Energy Source
- Electric
- School District
- Sultan
- Elementary School
- Sultan Elem
- Middle School
- Sultan Mid
- High School
- Sultan Snr High
- Total Monthly Income
- $7,023
- Gross Scheduled Income
- $66,671
- Gross Adjusted Income
- $66,671
- Tax Year
- 2025
- Insurance Expense
- $4,829
- W/S/G Expenses
- $6,590
- Total Expenses
- $16,631
- Net Operating Income
- $50,039
- Gross Rent Multiplier
- 14.23
- Cap Rate
- 5.27
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.