Remodeled Craftsman
New
For Sale
$610,000
1216 S 4th St, Tacoma, WA 98405
Two-unit property combines updated interiors with separate living spaces and convenient access to Tacoma’s 6th Avenue dining and nightlife.
Property Size2,712 SF
Price / SF$224.93
Days on Market4
Property Features for 1216 S 4th St
General Information
Standard status
Active
Size
2,712 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1925
Construction
Craftsman
Listing Agency:
(360) 338-8355
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 9:08AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
Built in 1925, this Craftsman duplex presents two separately configured residences with updated finishes and practical living areas. The main-level unit includes two bedrooms, one bathroom, 1,384 square feet of finished living space, refinished hardwood flooring, living and dining rooms, an updated kitchen, and basement access with storage. The upper residence offers one bedroom, one bathroom, a remodeled interior, an entertainment room, an updated kitchen with a dining nook, and a ductless mini-split system for heating and summer cooling.
The property is located at 1216 S 4th St in Tacoma’s Wedge neighborhood, within walking distance of the dining and nightlife along 6th Ave. The Stadium District is also described as nearby, with Balloon Roof Bakery, Bluebeard Coffee, and State Street among the surrounding neighborhood destinations.
The property is located at 1216 S 4th St in Tacoma’s Wedge neighborhood, within walking distance of the dining and nightlife along 6th Ave. The Stadium District is also described as nearby, with Balloon Roof Bakery, Bluebeard Coffee, and State Street among the surrounding neighborhood destinations.
Key Highlights
- Two‑unit Craftsman property built in 1925
- Main unit offers 2 bedrooms, 1 bathroom, and 1,384 square feet of finished living space
- Upper unit includes 1 bedroom, 1 bathroom, and a remodeled interior
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
$35,731
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
5.86%
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%
$714,620
$714.6K
Cap Rate 7%
$510,443
$510.4K
Cap Rate 9%
$397,011
$397.0K
Market Conditions
NOI Build-Up for 2,712 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
$53.7K $19.80/SF
− Vacancy
−$2.7K −$0.98/SF
EGI
$51.0K $18.82/SF
− OpEx
−$15.3K −$5.65/SF
NOI
$35.7K $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%
$714,620
Cap Rate 7%
$510,443
Cap Rate 9%
$397,011
Alternative Uses
Best Use
Multifamily LT 5
$510.4K
$446.6K – $595.5K
NOI $35,731 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$443.6K
$388.2K – $517.5K
NOI $31,052 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$833.6K
$729.4K – $972.5K
NOI $58,351 @ 7.0% cap · market cap 9.57%
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
3,435
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-unit property combines updated interiors with separate living spaces and convenient access to Tacoma’s 6th Avenue dining and nightlife.
Where is this duplex located?
The property is located at 1216 S 4th St Tacoma, WA.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Two‑unit Craftsman property built in 1925; Main unit offers 2 bedrooms, 1 bathroom, and 1,384 square feet of finished living space; Upper unit includes 1 bedroom, 1 bathroom, and a remodeled interior
