Three-Unit Multifamily
For Sale
$599,900
12902 147th St E, Puyallup, WA 98374
Triplex with shared laundry, covered parking, and additional uncovered spaces on a large lot.
Property Size2,610 SF
Price / SF$229.85
Days on Market28
Property Features for 12902 147th St E
General Information
Standard status
Active
Size
2,610 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
renovate
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
common laundry room
Building Details
Year Built
1979
Listing Agency:
eXp Realty
(888) 317-5197
Listed By:
Spencer Bowen · License #22013862
Source:
Viewhomesinpugetsound
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 29 at 8:11PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains two-bedroom, one-bath residences in a practical configuration. Two units measure approximately 870 square feet, while the third measures approximately 1,000 square feet. A shared laundry room serves the property, and the existing 6-bedroom septic system supports the current bedroom count. Built in 1979, the property includes three covered parking spaces and six additional uncovered spaces. The units are identified for updates including flooring, paint, appliances, and general cleanup.
Located at 12902 147th St E in Puyallup, the property is situated in the South Hill area. The large lot provides the existing parking arrangement along with exterior areas that can accommodate further property improvements, subject to applicable requirements.
Located at 12902 147th St E in Puyallup, the property is situated in the South Hill area. The large lot provides the existing parking arrangement along with exterior areas that can accommodate further property improvements, subject to applicable requirements.
Key Highlights
- Three units with two bedrooms and one bathroom each
- Two units are approximately 870 sq ft; one unit is approximately 1,000 sq ft
- Three covered parking spaces plus six uncovered spaces
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
$34,243
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
5.71%
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%
$684,860
$684.9K
Cap Rate 7%
$489,186
$489.2K
Cap Rate 9%
$380,478
$380.5K
Market Conditions
NOI Build-Up for 2,610 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
$52.6K $20.16/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$48.9K $18.74/SF
− OpEx
−$14.7K −$5.62/SF
NOI
$34.2K $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%
$684,860
Cap Rate 7%
$489,186
Cap Rate 9%
$380,478
Alternative Uses
Best Use
Multifamily LT 5
$489.2K
$428.0K – $570.7K
NOI $34,243 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$451.2K
$394.8K – $526.4K
NOI $31,584 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$704.9K
$616.8K – $822.4K
NOI $49,345 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
Demographics for 98374, WA
45,367
Population
16,645
Households
2.7
Avg Household Size
37
Median Age
29%
College-Educated
94%
High-School Grad
16.4 sq mi
ZIP Area
2,766
Density / Sq Mi
$108,854
Median Household Income
$56,744
Median Earnings
$1,925
Median Rent
$491,200
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?
Triplex - Triplex with shared laundry, covered parking, and additional uncovered spaces on a large lot.
Where is this triplex located?
The property is located at 12902 147th St E Puyallup, WA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three units with two bedrooms and one bathroom each; Two units are approximately 870 sq ft; one unit is approximately 1,000 sq ft; Three covered parking spaces plus six uncovered spaces
