22-Unit Apartment
For Sale
Contact for pricing
1107 9th St SE, Puyallup, WA 98372
One- and two-bedroom units form a straightforward multifamily configuration.
Property Size12,920 SF
Lot Size1.59 Acres
Price / SF$247.68
Days on Market152
Property Features for 1107 9th St SE
General Information
Standard status
Active
Size
12,920 SF
Total Parking Spaces
46
Lot size
1.59 Acres
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$246,984
Additional Details
Public Transit
Yes
Multifamily Units
22
Building Details
Year Built
1978
Year Renovated
2009
Units
22
Listing Agency:
Kidder Mathews Tacoma
(253) 722-1421
Listed By:
Austin Kelley · License #WA
Source:
Crexi
Added: Mar 31
Changed: Aug 29
Last Checked: Aug 29 at 6:05PM
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 Kidder Mathews Tacoma
Investment Insights
Based on property information with market context.
This apartment property at 1107 9th St SE in Puyallup, Washington, contains 22 units within a 12,920-square-foot building. The unit mix includes one- and two-bedroom residences, providing a simple configuration across the community. Constructed in 1978, the property occupies 1.59 acres and offers a suburban-scale multifamily setting.
Key Highlights
- 22‑unit apartment property
- 12,920‑square‑foot building
- One- and two‑bedroom unit mix
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
$156,345
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
4.89%
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%
$3,126,900
$3.1M
Cap Rate 7%
$2,233,500
$2.2M
Cap Rate 9%
$1,737,167
$1.7M
Market Conditions
NOI Build-Up for 12,920 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
$307.0K $23.76/SF
− Vacancy
−$22.7K −$1.76/SF
EGI
$284.3K $22.00/SF
− OpEx
−$127.9K −$9.90/SF
NOI
$156.3K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$3,126,900
Cap Rate 7%
$2,233,500
Cap Rate 9%
$1,737,167
Alternative Uses
Best Use
Apartment 5plus
$2.23M
$1.95M – $2.61M
NOI $156,345 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.49M
$3.05M – $4.07M
NOI $244,269 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
Explore this area
Business Placement
Demographics for 98372, WA
26,652
Population
10,701
Households
2.5
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
13.3 sq mi
ZIP Area
2,004
Density / Sq Mi
$100,316
Median Household Income
$55,892
Median Earnings
$1,745
Median Rent
$570,100
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?
Apartment building - One- and two-bedroom units form a straightforward multifamily configuration.
Where is this apartment building located?
The property is located at 1107 9th St SE Puyallup, WA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 22‑unit apartment property; 12,920‑square‑foot building; One- and two‑bedroom unit mix
