Updated Water-View
For Sale
$1,225,000
12421 6TH, Gig Harbor, WA 98332
Flexible two-level layout with separate living areas, private outdoor spaces, and access to a community beach.
Property Size3,172 SF
Price / SF$386.19
Days on Market174
Property Features for 12421 6TH
General Information
Standard status
Active
Size
3,172 SF
Total Parking Spaces
2
Property subtype
Multi-family
Zoning
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
private community beach
gas fireplace
built-in shelving
walk-in closet
ensuite bath with soaking tub
washer and dryer
covered patio
private deck
storage
Building Details
Year Built
1999
Buildings
1
Listing Agency:
Windermere Prof Partners
Listed By:
Erin Goodwill
(253) 520-3780
Source:
Skylineproperties
Added: Mar 9
Changed: Aug 29
Last Checked: Aug 29 at 3:25PM
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 Windermere Prof Partners
Investment Insights
Based on property information with market context.
Built in 1999, this duplex offers 3,172 SF of updated living space arranged across two flexible levels. The main floor features broad water views, an open kitchen and living area, gas fireplace, built-in shelving, breakfast nook, and a primary suite with deck access, walk-in closet, and ensuite bath. A remodeled 2023 lower level adds a separate entrance, full kitchen, living areas, bedrooms, bathrooms, covered patio, and independent thermostat. Each level has its own washer and dryer.
The property includes an attached 2-car garage, dedicated parking, and substantial storage. Residents have access to a private community beach suited to shoreline recreation and water views across Colvos Passage. The Gig Harbor setting is approximately 10 minutes from Highway 16 and includes private outdoor living areas on both levels.
The property includes an attached 2-car garage, dedicated parking, and substantial storage. Residents have access to a private community beach suited to shoreline recreation and water views across Colvos Passage. The Gig Harbor setting is approximately 10 minutes from Highway 16 and includes private outdoor living areas on both levels.
Key Highlights
- 3,172 SF duplex built in 1999
- Water views across Colvos Passage with private community beach access
- Lower level remodeled in 2023 with separate entrance and full kitchen
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
$41,616
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
3.40%
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%
$832,320
$832.3K
Cap Rate 7%
$594,514
$594.5K
Cap Rate 9%
$462,400
$462.4K
Market Conditions
NOI Build-Up for 3,172 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
$63.9K $20.16/SF
− Vacancy
−$4.5K −$1.42/SF
EGI
$59.5K $18.74/SF
− OpEx
−$17.8K −$5.62/SF
NOI
$41.6K $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%
$832,320
Cap Rate 7%
$594,514
Cap Rate 9%
$462,400
Alternative Uses
Best Use
Multifamily LT 5
$594.5K
$520.2K – $693.6K
NOI $41,616 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$548.3K
$479.8K – $639.7K
NOI $38,384 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$856.7K
$749.6K – $999.5K
NOI $59,971 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 98332, WA
20,704
Population
7,897
Households
2.6
Avg Household Size
47
Median Age
52%
College-Educated
97%
High-School Grad
20.7 sq mi
ZIP Area
1,000
Density / Sq Mi
$122,827
Median Household Income
$64,286
Median Earnings
$2,373
Median Rent
$686,900
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 - Flexible two-level layout with separate living areas, private outdoor spaces, and access to a community beach.
Where is this duplex located?
The property is located at 12421 6TH Gig Harbor, WA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 3,172 SF duplex built in 1999; Water views across Colvos Passage with private community beach access; Lower level remodeled in 2023 with separate entrance and full kitchen
