Puyallup 23-Unit Multifamily
344 7th Street SE Puyallup, WA 98372
For Sale
$3,950,000
Pending
23-unit multifamily property in Puyallup with value-add potential.
Property Size15,950 SF
Days on Market539
Property Features for 344 7th Street SE
General Information
Standard status
Pending
Size
15,950 SF
Property subtype
Commercial
Building Details
Year Built
1968
Listing Agency:
BERKADIA REAL ESTATE ADVISORS, LLC
Listed By:
STEVEN CHATTIN
Source:
Corcoran
Added: Feb 6, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:42AM
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 BERKADIA REAL ESTATE ADVISORS, LLC
Investment Insights
Based on property information with market context.
The Esquire, located at 344 7th St SE, Puyallup, WA 98372, is a 23-unit multifamily property. Constructed in 1968, the property contains 22 two-bedroom units and one studio, with an average unit size of 693 square feet. The 15,950 square foot property is located in a limited inventory market. The well-maintained property features ongoing upgrades and an on-site laundry facility that contributes to the income stream. This property offers an opportunity for new owners to implement further enhancements and capitalize on the rental market by completing upgrades and raising market rents.
Key Highlights
- Strong Investment Opportunity: Located in Puyallup's limited inventory market.
- Value‑Add Potential: Opportunity to increase returns by completing upgrades and raising market rents.
- Solid Unit Mix: Features 22 two‑bedroom units and one studio.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $379.0k | $23.76 |
| − Vacancy | −$28.0k | −$1.76 |
| EGI | $350.9k | $22.00 |
| − OpEx | −$157.9k | −$9.90 |
| NOI | $193.0k | $12.10 |
15,950 SF · lease $23.76/SF/yr · vacancy 7.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.76M
$2.41M – $3.22M
NOI $193,010 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.31M
$3.77M – $5.03M
NOI $301,555 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 23-unit multifamily property in Puyallup with value-add potential.
Where is this apartment building located?
The property is located at 344 7th Street SE Puyallup, WA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Strong Investment Opportunity: Located in Puyallup's limited inventory market.; Value‑Add Potential: Opportunity to increase returns by completing upgrades and raising market rents.; Solid Unit Mix: Features 22 two‑bedroom units and one studio.
