Victorian Duplex Requiring
For Sale
$445,000
1220 Yakima Avenue, Tacoma, WA 98405
The 1910 residence needs extensive work to its exterior, interior finishes, and major systems.
Property Size1,699 SF
Price / SF$261.92
Days on Market8
Property Features for 1220 Yakima Avenue
General Information
Standard status
Active
Size
1,699 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
derelict condition
Building Details
Year Built
1910
Construction
Victorian
Listing Agency:
(253) 256-1721
Listed By:
Charles and Janette Wilcox
(253) 256-1721
Source:
Wilcoxrealestatewa
Added: Aug 26
Changed: Aug 30
Last Checked: Sep 1 at 6:14PM
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 Charles and Janette Wilcox
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.
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 = 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
$22,385
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
5.03%
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%
$447,700
$447.7K
Cap Rate 7%
$319,786
$319.8K
Cap Rate 9%
$248,722
$248.7K
Market Conditions
NOI Build-Up for 1,699 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
$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 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%
$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
NOI $22,385 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$277.9K
$243.2K – $324.2K
NOI $19,453 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$522.2K
$457.0K – $609.3K
NOI $36,556 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
