Two-Unit Duplex with Extra
New
For Sale
$775,000
12012 115th Avenue Ct E, Puyallup, WA 98374
Each residence includes two bedrooms, two full bathrooms, and a gas fireplace.
Property Size2,462 SF
Price / SF$314.78
Days on Market5
Property Features for 12012 115th Avenue Ct E
General Information
Standard status
Active
Size
2,462 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
gas fireplace
fenced backyard
Building Details
Year Built
1994
Listing Agency:
John L. Scott, Inc.
(253) 841-7000
Listed By:
David A. Larsen
Source:
Larissabutlerrealty
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 29 at 12:22PM
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 John L. Scott, Inc.
Investment Insights
Based on property information with market context.
Built in 1994, this 2,462-square-foot duplex contains two matching residences, each arranged with two bedrooms, two full bathrooms, a kitchen, dining area, and a separate living room featuring a gas fireplace. The layout supports both rental use and an owner-occupant arrangement, with one residence available for personal use while the other is leased.
The property sits on a dead-end street at 12012 115th Avenue Ct E in Puyallup. Both units have access to an oversized, fenced backyard, and the offering includes an additional 30x165 lot. Restaurants, shopping, a movie theater, and public transit are nearby, with freeway access and JBLM also within the surrounding commute network.
The property sits on a dead-end street at 12012 115th Avenue Ct E in Puyallup. Both units have access to an oversized, fenced backyard, and the offering includes an additional 30x165 lot. Restaurants, shopping, a movie theater, and public transit are nearby, with freeway access and JBLM also within the surrounding commute network.
Key Highlights
- 2,462‑square‑foot duplex built in 1994
- Two matching units, each with 2 bedrooms and 2 full bathrooms
- Gas fireplace, kitchen, and dining area in each residence
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
$32,301
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
4.17%
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%
$646,020
$646.0K
Cap Rate 7%
$461,443
$461.4K
Cap Rate 9%
$358,900
$358.9K
Market Conditions
NOI Build-Up for 2,462 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
$49.6K $20.16/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$46.1K $18.74/SF
− OpEx
−$13.8K −$5.62/SF
NOI
$32.3K $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%
$646,020
Cap Rate 7%
$461,443
Cap Rate 9%
$358,900
Alternative Uses
Best Use
Multifamily LT 5
$461.4K
$403.8K – $538.4K
NOI $32,301 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$425.6K
$372.4K – $496.6K
NOI $29,793 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$665.0K
$581.8K – $775.8K
NOI $46,547 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 98374, WA
45,367
Population
16,645
Households
2.7
Avg Household Size
37
Median Age
29%
College-Educated
94%
High-School Grad
16.4 sq mi
ZIP Area
2,766
Density / Sq Mi
$108,854
Median Household Income
$56,744
Median Earnings
$1,925
Median Rent
$491,200
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 - Each residence includes two bedrooms, two full bathrooms, and a gas fireplace.
Where is this duplex located?
The property is located at 12012 115th Avenue Ct E Puyallup, 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: 2,462‑square‑foot duplex built in 1994; Two matching units, each with 2 bedrooms and 2 full bathrooms; Gas fireplace, kitchen, and dining area in each residence
