Updated Historic
For Sale
$639,999
Pending
1214 S 8th St #1 & 2, Tacoma, WA 98405
Two residential units feature updated kitchens, bathrooms, appliances, and interior finishes.
Property Size2,236 SF
Days on Market40
Property Features for 1214 S 8th St #1 & 2
General Information
Standard status
Pending
Size
2,236 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1890
Buildings
1
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Jul 25
Changed: Aug 31
Last Checked: Sep 1 at 6:45PM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
This historic duplex contains two residential units, each measuring 1,118 square feet with four bedrooms. Together, the property provides 2,236 square feet, eight bedrooms, and 2.75 baths. The interiors were extensively remodeled approximately 3–4 years ago, including kitchen and bathroom updates, fresh paint, carpeting, and newer kitchen appliances. Refrigerators, ranges, dishwashers, washers, and dryers are included. Building improvements also include a newer roof, aluminum downspouts, a vapor barrier in the walkable crawl space, and a newer ABS sewer line.
The property is located at 1214 S 8th St Unit 1 & 2 in Tacoma’s Hilltop neighborhood. Major hospitals, light rail, public transit, Ruston Way, the 6th Avenue dining and entertainment district, the Stadium District, and Downtown Tacoma are all described as nearby. The two-unit layout supports separate residential occupancy within a single property.
The property is located at 1214 S 8th St Unit 1 & 2 in Tacoma’s Hilltop neighborhood. Major hospitals, light rail, public transit, Ruston Way, the 6th Avenue dining and entertainment district, the Stadium District, and Downtown Tacoma are all described as nearby. The two-unit layout supports separate residential occupancy within a single property.
Key Highlights
- Two‑unit duplex with 2,236 square feet and 8 bedrooms
- Each unit offers 1,118 square feet and 4 bedrooms
- 2.75 total baths across the property
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
$29,460
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
4.60%
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%
$589,200
$589.2K
Cap Rate 7%
$420,857
$420.9K
Cap Rate 9%
$327,333
$327.3K
Market Conditions
NOI Build-Up for 2,236 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
$44.3K $19.80/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$42.1K $18.82/SF
− OpEx
−$12.6K −$5.65/SF
NOI
$29.5K $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%
$589,200
Cap Rate 7%
$420,857
Cap Rate 9%
$327,333
Alternative Uses
Best Use
Multifamily LT 5
$420.9K
$368.3K – $491.0K
NOI $29,460 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$365.7K
$320.0K – $426.7K
NOI $25,602 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$687.3K
$601.4K – $801.8K
NOI $48,110 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
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 residential units feature updated kitchens, bathrooms, appliances, and interior finishes.
Where is this duplex located?
The property is located at 1214 S 8th St #1 & 2 Tacoma, WA.
What is the asking price?
The asking price for this property is $639,999.
What are key features of this property?
This property features: Two‑unit duplex with 2,236 square feet and 8 bedrooms; Each unit offers 1,118 square feet and 4 bedrooms; 2.75 total baths across the property
