Duplex with Updated
New
For Sale
$575,000
102 & 104 9th Street SW, Puyallup, WA 98371
Recent work includes a metal roof, new siding and paint, plus kitchen and appliance updates.
Property Size1,464 SF
Price / SF$392.76
Days on Market1
Property Features for 102 & 104 9th Street SW
General Information
Standard status
Active
Size
1,464 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Net Operating Income
$38,224
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,627
Amenities
Vinyl Plank
Yes
No
1
Electric
Curbs,Paved,Sidewalk
Public
Cable TV,Fenced-Partially,High Speed Internet
2
0.1033
Brick,Stucco,Wood,Wood Products
Block
1464
Building Details
Building Size
1,464 SF
Year Built
1960
Buildings
1
Stories
1
Listing Agency:
The Preview Group
(503) 670-9000
Listed By:
Jason Voss · License #201003155
(503) 313-1006
Source:
Premierepropertygroup
Added: Oct 1
Last Checked: Oct 1 at 2:03PM
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 The Preview Group
Investment Insights
Based on property information with market context.
This two-unit duplex was built in 1960 and contains 1,464 square feet. Improvements include a metal roof, siding, paint, kitchens and appliances. Vinyl plank flooring is also listed among the interior features.
The property is in Puyallup, near dining, parks, shopping and a bus station. The Washington State Fair and schools are also nearby, with schools described as less than half a mile away.
The property is in Puyallup, near dining, parks, shopping and a bus station. The Washington State Fair and schools are also nearby, with schools described as less than half a mile away.
Key Highlights
- Two‑unit duplex with 1,464 square feet
- Built in 1960
- Updated kitchens and appliances
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
$19,208
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
3.34%
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%
$384,160
$384.2K
Cap Rate 7%
$274,400
$274.4K
Cap Rate 9%
$213,422
$213.4K
Market Conditions
NOI Build-Up for 1,464 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
$29.5K $20.16/SF
− Vacancy
−$2.1K −$1.42/SF
EGI
$27.4K $18.74/SF
− OpEx
−$8.2K −$5.62/SF
NOI
$19.2K $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%
$384,160
Cap Rate 7%
$274,400
Cap Rate 9%
$213,422
Alternative Uses
Best Use
Multifamily LT 5
$274.4K
$240.1K – $320.1K
NOI $19,208 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$253.1K
$221.5K – $295.3K
NOI $17,716 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$395.4K
$346.0K – $461.3K
NOI $27,679 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 98371, WA
23,965
Population
9,937
Households
2.4
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.8 sq mi
ZIP Area
2,031
Density / Sq Mi
$97,290
Median Household Income
$53,957
Median Earnings
$1,654
Median Rent
$515,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Recent work includes a metal roof, new siding and paint, plus kitchen and appliance updates.
Where is this duplex located?
The property is located at 102 & 104 9th Street SW Puyallup, WA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,464 square feet; Built in 1960; Updated kitchens and appliances
