Duplex with Covered
For Sale
$850,000
1020 N Tacoma Ave, Tacoma, WA 98403
Two self-contained units include private laundry, fenced outdoor space, and garage parking.
Property Size3,466 SF
Price / SF$245.24
Days on Market49
Property Features for 1020 N Tacoma Ave
General Information
Standard status
Active
Size
3,466 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Keller Williams Rty Tacoma
(253) 948-2944
Listed By:
Greg Stock · License #114407
Source:
Montgomeryht
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 31 at 6:56PM
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 Keller Williams Rty Tacoma
Investment Insights
Based on property information with market context.
Built in 1900, this 3,466-square-foot duplex includes two separate residences with practical layouts and generous living areas. The upper unit has 3 bedrooms and 2 bathrooms, while the lower unit offers 2 bedrooms and 2 bathrooms. Each residence includes its own washer and dryer, along with a spacious kitchen and large living room configuration.
Outdoor features include a fully fenced backyard with mature landscaping, raised garden beds, and a covered patio with storage. The property also provides a 2-car garage and additional paved-alley parking. The address is in Old Town Tacoma.
Outdoor features include a fully fenced backyard with mature landscaping, raised garden beds, and a covered patio with storage. The property also provides a 2-car garage and additional paved-alley parking. The address is in Old Town Tacoma.
Key Highlights
- 3,466‑square‑foot duplex built in 1900
- Upper unit includes 3 bedrooms and 2 bathrooms
- Lower unit includes 2 bedrooms and 2 bathrooms
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
$45,666
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
5.37%
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%
$913,320
$913.3K
Cap Rate 7%
$652,371
$652.4K
Cap Rate 9%
$507,400
$507.4K
Market Conditions
NOI Build-Up for 3,466 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
$68.6K $19.80/SF
− Vacancy
−$3.4K −$0.98/SF
EGI
$65.2K $18.82/SF
− OpEx
−$19.6K −$5.65/SF
NOI
$45.7K $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%
$913,320
Cap Rate 7%
$652,371
Cap Rate 9%
$507,400
Alternative Uses
Best Use
Multifamily LT 5
$652.4K
$570.8K – $761.1K
NOI $45,666 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$566.9K
$496.1K – $661.4K
NOI $39,686 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.07M
$932.2K – $1.24M
NOI $74,574 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
775
Businesses Nearby
Explore this area
Business Placement
Demographics for 98403, WA
8,341
Population
4,863
Households
1.7
Avg Household Size
39
Median Age
64%
College-Educated
99%
High-School Grad
1.0 sq mi
ZIP Area
8,341
Density / Sq Mi
$86,179
Median Household Income
$63,918
Median Earnings
$1,414
Median Rent
$737,100
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 - Two self-contained units include private laundry, fenced outdoor space, and garage parking.
Where is this duplex located?
The property is located at 1020 N Tacoma Ave Tacoma, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,466‑square‑foot duplex built in 1900; Upper unit includes 3 bedrooms and 2 bathrooms; Lower unit includes 2 bedrooms and 2 bathrooms
