Two-Duplex Residential Income
For Sale
$1,250,000
5208 63rd Avenue Ct W, University Place, WA 98467
Other - University Place, WA
Property Size3,984 SF
Lot Size1.06 Acres
Price / SF$313.76
Days on Market34
Property Features for 5208 63rd Avenue Ct W
General Information
Property type
Other
Property subtype
Multi Family
Parking
12
Subdivision
University Place
Elementary school
Evergreen Primary
Middle school
Drum Intermed
High school
Curtis Bridge Pgm
Directions
From I-5, go west on 56th St in to University Place. Go right on 63rd Ave Ct W. From Bridgeport, go East on Cirque. Go left on 63rd Ave Ct W. Please only park in front of 5208/5210.
Standard status
Active
APN
0220236008
Lot size
1.06 Acres
Utilities
Heating system
Electric (Heating), Forced Air, Natural Gas
Cooling system
None (Cooling)
Building Details
Year built
1984
Flooring type
Carpet, Vinyl
Roof type
Composition
Architectural style
Other
Listing Agency:
Engel & Völkers Chambers Bay
(253) 565-1121
Listed By:
Chris J Barrett
(253) 565-1121
Added: Jul 7
Changed: Jul 15
Last Checked: Aug 9 at 9:06AM
MLS# 2548507
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes two separate duplex properties on two parcels, totaling four residential units. The duplexes are located at 5208/5210 and 5214/5216, with each unit approximately 996 square feet. Each unit features two bedrooms and 1.75 baths, along with a one-car garage. Interior layouts place living area, kitchen, dining, and a half bath on the main floor, with two bedrooms and 1.25 baths on the lower level. Each unit also includes a washer and dryer, and a wood-burning fireplace.
The property sits on a semi-private setting with only these four units on a dead-end road. The address is 5208 63rd Avenue Ct W, University Place, WA 98467, in Pierce County.
From a tenant and operator perspective, the configuration provides multiple independently utilized residences with attached garages and in-unit laundry, which can simplify day-to-day occupancy needs. As of the listing, two of the units are vacant while two are rented at below market value. Please do not view without a real estate broker, and do not bother tenants.
The property sits on a semi-private setting with only these four units on a dead-end road. The address is 5208 63rd Avenue Ct W, University Place, WA 98467, in Pierce County.
From a tenant and operator perspective, the configuration provides multiple independently utilized residences with attached garages and in-unit laundry, which can simplify day-to-day occupancy needs. As of the listing, two of the units are vacant while two are rented at below market value. Please do not view without a real estate broker, and do not bother tenants.
Key Highlights
- Duplex property with 4 units across 2 separate parcels: 5208/5210 and 5214/5216
- Each unit is approx 996 SF with 2 bedrooms and 1.75 baths, plus a 1‑car garage
- In‑unit washer & dryer in each unit
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
$52,270
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
4.18%
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%
$1,045,400
$1.0M
Cap Rate 7%
$746,714
$746.7K
Cap Rate 9%
$580,778
$580.8K
Market Conditions
NOI Build-Up for 3,984 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
$80.3K $20.16/SF
− Vacancy
−$5.6K −$1.42/SF
EGI
$74.7K $18.74/SF
− OpEx
−$22.4K −$5.62/SF
NOI
$52.3K $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%
$1,045,400
Cap Rate 7%
$746,714
Cap Rate 9%
$580,778
Alternative Uses
Best Use
Multifamily LT 5
$746.7K
$653.4K – $871.2K
NOI $52,270 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$688.7K
$602.6K – $803.5K
NOI $48,210 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$1.08M
$941.5K – $1.26M
NOI $75,322 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Explore this area
Business Placement
Demographics for 98467, WA
16,512
Population
6,718
Households
2.5
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
4.8 sq mi
ZIP Area
3,440
Density / Sq Mi
$90,586
Median Household Income
$48,802
Median Earnings
$1,566
Median Rent
$580,100
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 - Four-unit duplex investment with in-unit laundry, garages, and wood-burning fireplaces, with two units currently vacant.
Where is this duplex located?
The property is located at 5208 63rd Avenue Ct W University Place, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Duplex property with 4 units across 2 separate parcels: 5208/5210 and 5214/5216; Each unit is approx 996 SF with 2 bedrooms and 1.75 baths, plus a 1‑car garage; In‑unit washer & dryer in each unit
