Townhouse-Style
For Sale
$775,000
Pending
116 19th Ave, Milton, WA 98354
Two spacious residences provide flexible occupancy options in a residential setting with convenient access to area amenities.
Property Size2,692 SF
Days on Market11
Property Features for 116 19th Ave
General Information
Standard status
Pending
Size
2,692 SF
Property subtype
Multi-Family
Units
Unit Mix
3BR/3BA
Multifamily Units
2
Additional Details
Cap Rate
7.09%
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
(425) 941-2091
Listed By:
Realtrua
(425) 941-2091
Source:
Realtrua
Added: Aug 22
Changed: Aug 31
Last Checked: Aug 31 at 3:19PM
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 Realtrua
Investment Insights
Based on property information with market context.
Built in 2005, this townhouse-style duplex contains 2,692 square feet with two three-bedroom, three-bathroom residences. Each side offers substantial living space and parking, while the separate layouts support owner occupancy, rental use, or multigenerational living. Side A was updated in 2025, and Side B was updated approximately 7 years ago. A new roof and gutters were installed in 2025.
Both units are occupied on month-to-month tenancies, providing flexibility for future leasing or occupancy decisions. The property is on a private road within a residential neighborhood and is located in the Fife School District. Triangle Park, the Milton Interurban Trail, shopping, dining, and major commuter routes are nearby. The property also carries a current 7.09% cap rate. Preliminary work was previously completed to explore a potential DADU, subject to further investigation.
Both units are occupied on month-to-month tenancies, providing flexibility for future leasing or occupancy decisions. The property is on a private road within a residential neighborhood and is located in the Fife School District. Triangle Park, the Milton Interurban Trail, shopping, dining, and major commuter routes are nearby. The property also carries a current 7.09% cap rate. Preliminary work was previously completed to explore a potential DADU, subject to further investigation.
Key Highlights
- Two‑unit property with 2,692 square feet total
- Each residence includes 3 bedrooms and 3 bathrooms
- Side A updated in 2025; Side B updated approximately 7 years ago
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
$35,319
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
4.56%
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%
$706,380
$706.4K
Cap Rate 7%
$504,557
$504.6K
Cap Rate 9%
$392,433
$392.4K
Market Conditions
NOI Build-Up for 2,692 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
$54.3K $20.16/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$50.5K $18.74/SF
− OpEx
−$15.1K −$5.62/SF
NOI
$35.3K $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%
$706,380
Cap Rate 7%
$504,557
Cap Rate 9%
$392,433
Alternative Uses
Best Use
Multifamily LT 5
$504.6K
$441.5K – $588.7K
NOI $35,319 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$465.4K
$407.2K – $542.9K
NOI $32,576 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$727.1K
$636.2K – $848.3K
NOI $50,896 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Explore this area
Business Placement
Demographics for 98354, WA
8,264
Population
3,242
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
2.8 sq mi
ZIP Area
2,951
Density / Sq Mi
$90,361
Median Household Income
$56,581
Median Earnings
$2,010
Median Rent
$510,900
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 - Two spacious residences provide flexible occupancy options in a residential setting with convenient access to area amenities.
Where is this duplex located?
The property is located at 116 19th Ave Milton, WA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Two‑unit property with 2,692 square feet total; Each residence includes 3 bedrooms and 3 bathrooms; Side A updated in 2025; Side B updated approximately 7 years ago
