Building Details

Year Built 1910

Construction Victorian

Listing Agency: WILCOX REAL ESTATE

Listed By: Charles and Janette Wilcox Show Phone

Source: Wilcoxrealestatewa

Added: Aug 26 Changed: Oct 14 Last Checked: Oct 16 at 8:46AM

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Investment Insights

Based on property information with market context.

Built in 1910, this Victorian duplex contains four bedrooms and two bathrooms within a structure requiring comprehensive rehabilitation. The exterior shows deferred maintenance affecting the siding, roof, and windows. Interior work includes replacement or renewal of flooring, walls, fixtures, electrical, plumbing, and HVAC systems. The property is offered as-is and will require substantial repair work throughout.

The duplex is located at 1220 Yakima Avenue in Tacoma’s Yakima neighborhood, with access to Tacoma services, local amenities, and commuter routes. Its existing duplex configuration and four-bedroom, two-bathroom layout provide a defined starting point for a major renovation project.

Key Highlights

• 1910‑built Victorian duplex with 4 bedrooms and 2 bathrooms
• Located at 1220 Yakima Avenue in Tacoma’s Yakima neighborhood
• Deferred maintenance affects siding, roofing, and windows

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,385

Cap Rate

5.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$447,700 $447.7K

Cap Rate 7%

$319,786 $319.8K

Cap Rate 9%

$248,722 $248.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,699 SF

Gross rent

$33.6K $19.80/SF

− Vacancy

−$1.7K −$0.98/SF

EGI

$32.0K $18.82/SF

− OpEx

−$9.6K −$5.65/SF

NOI

$22.4K $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 Rate 5%

$447,700

Cap Rate 7%

$319,786

Cap Rate 9%

$248,722

Alternative Uses

Best Use

Multifamily LT 5

$319.8K

$279.8K – $373.1K (±1% cap)

NOI $22,385 @ 7.0% cap · market cap 5.03%

Second Best

Apartment 5plus

$277.9K

$243.2K – $324.2K (±1% cap)

NOI $19,453 @ 7.0% cap · market cap 4.37%

Theoretical Best

Office A

$522.2K

$457.0K – $609.3K (±1% cap)

NOI $36,556 @ 7.0% cap · market cap 8.21%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Tanning Salon Pet Grooming Service Restaurant Clothing & Fashion Store Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

6,359

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - The 1910 residence needs extensive work to its exterior, interior finishes, and major systems.

Where is this duplex located?

The property is located at 1220 Yakima Avenue Tacoma, WA.

What is the asking price?

The asking price for this property is $445,000.

What are key features of this property?

This property features: 1910‑built Victorian duplex with 4 bedrooms and 2 bathrooms; Located at 1220 Yakima Avenue in Tacoma’s Yakima neighborhood; Deferred maintenance affects siding, roofing, and windows