Updated Duplex With
For Sale
$529,500
10002 10004 Barnes Lane S, Tacoma, WA 98444
Tenant-occupied income property with upgraded interiors, fenced yards, and separate one-car garages for each unit.
Property Size1,690 SF
Price / SF$313.31
Days on Market123
Property Features for 10002 10004 Barnes Lane S
General Information
Standard status
Active
Size
1,690 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$26,017
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,972
Amenities
fenced yards
Vinyl,Vinyl Plank,Carpet
Yes
No
1
Electric
Paved
Public
Fenced-Fully,Patio
8
2
0.44
Wood Products
Poured Concrete
1690
6
Building Details
Building Size
1,690 SF
Year Built
1987
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Windermere Prof Partners
(503) 894-4603
Listed By:
Ryan Weaver
(503) 894-4603
Source:
Premierepropertygroup
Added: Apr 17
Changed: Aug 16
Last Checked: Aug 17 at 3:50AM
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 Prof Partners
Investment Insights
Based on property information with market context.
This duplex contains two tenant-occupied residences with separate one-car garages and fenced front and rear yards. Unit 10002 offers three bedrooms, a Jack-and-Jill full bath, and new windows installed in April 2026. Unit 10004 includes two bedrooms, one bathroom, and interior improvements completed in 2022, including new carpet, paint, and fixtures. The property also received a new roof in March 2026. Interior finishes include vinyl, vinyl plank, and carpet, with electric service and a poured-concrete foundation.
A west-side portion of the parcel measures approximately 52x114 feet and is located behind the fenced yard serving Unit 10002. The property is connected to sewer and sits near newer homes to the north and construction on the east side. Showings require 72 business hours' notice through property management, with preapproval or evidence of funds required before an appointment. Weekend showings are not available, and both units are occupied.
A west-side portion of the parcel measures approximately 52x114 feet and is located behind the fenced yard serving Unit 10002. The property is connected to sewer and sits near newer homes to the north and construction on the east side. Showings require 72 business hours' notice through property management, with preapproval or evidence of funds required before an appointment. Weekend showings are not available, and both units are occupied.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 2‑bedroom residences
- New roof installed in March 2026
- Unit 10002 has new windows installed in April 2026
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
$22,266
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
4.21%
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%
$445,320
$445.3K
Cap Rate 7%
$318,086
$318.1K
Cap Rate 9%
$247,400
$247.4K
Market Conditions
NOI Build-Up for 1,690 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
$33.5K $19.80/SF
− Vacancy
−$1.7K −$0.98/SF
EGI
$31.8K $18.82/SF
− OpEx
−$9.5K −$5.65/SF
NOI
$22.3K $13.18/SF
Area
Tacoma, WA
Vacancy
4.94%
Lease Rate
$19.80 /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%
$445,320
Cap Rate 7%
$318,086
Cap Rate 9%
$247,400
Alternative Uses
Best Use
Multifamily LT 5
$318.1K
$278.3K – $371.1K
NOI $22,266 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$276.4K
$241.9K – $322.5K
NOI $19,350 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$519.5K
$454.5K – $606.0K
NOI $36,362 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 98444, WA
36,885
Population
13,762
Households
2.7
Avg Household Size
34
Median Age
15%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,346
Density / Sq Mi
$64,464
Median Household Income
$39,829
Median Earnings
$1,581
Median Rent
$369,500
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 - Tenant-occupied income property with upgraded interiors, fenced yards, and separate one-car garages for each unit.
Where is this duplex located?
The property is located at 10002 10004 Barnes Lane S Tacoma, WA.
What is the asking price?
The asking price for this property is $529,500.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom and 2‑bedroom residences; New roof installed in March 2026; Unit 10002 has new windows installed in April 2026
