Modern Duplex with
For Sale
Contact for pricing
12926 78th Avenue East, Puyallup, WA 98373
2019-built duplex with two-bedroom units, attached garages, and a detached shop on a private dead-end street.
Property Size2,210 SF
Price / SF$429.86
Days on Market118
Property Features for 12926 78th Avenue East
General Information
Standard status
Active
Size
2,210 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Cap Rate
5.5%
Amenities
LVP flooring
quartz countertops
stainless steel appliances
ductless mini-split systems
in-unit washer/dryer
walk-in closets
double vanity sinks
detached shop/garage
RV parking with power hookup
Building Details
Year Built
2019
Units
8
Construction
rambler-style
Listing Agency:
John L. Scott - Tacoma
Listed By:
Mike Mansour · License #123745
Source:
Crexi
Added: May 6
Changed: Aug 29
Last Checked: Aug 31 at 5:08AM
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 John L. Scott - Tacoma
Investment Insights
Based on property information with market context.
Completed in 2019, this duplex contains two residential units totaling 2,210 square feet. Each side offers 2 bedrooms, 2 bathrooms, approximately 1,100 square feet, an attached 2-car garage, a walk-in closet in the primary suite, and a double-vanity bathroom. Interior features include LVP flooring, quartz countertops, stainless steel appliances, ductless mini-split systems, and in-unit washers and dryers.
The property occupies over ½ acre at the end of a dead-end street in Puyallup, with minimal traffic and added privacy. A detached shop/garage provides additional storage or workspace, while the site also includes RV parking with a power hookup and ample parking. One unit is leased, and the property has an estimated 5.5% cap rate. An additional 200-amp power service was installed for a planned ADU, offering a defined infrastructure feature for future evaluation. Costco, major freeways, shopping, and dining are minutes away.
The property occupies over ½ acre at the end of a dead-end street in Puyallup, with minimal traffic and added privacy. A detached shop/garage provides additional storage or workspace, while the site also includes RV parking with a power hookup and ample parking. One unit is leased, and the property has an estimated 5.5% cap rate. An additional 200-amp power service was installed for a planned ADU, offering a defined infrastructure feature for future evaluation. Costco, major freeways, shopping, and dining are minutes away.
Key Highlights
- Two‑unit duplex built in 2019 with 2,210 SF total
- Each unit has 2 bedrooms, 2 bathrooms, and just over 1,100 sq ft
- Attached 2‑car garages for both units
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
$28,995
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
3.05%
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%
$579,900
$579.9K
Cap Rate 7%
$414,214
$414.2K
Cap Rate 9%
$322,167
$322.2K
Market Conditions
NOI Build-Up for 2,210 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
$44.6K $20.16/SF
− Vacancy
−$3.1K −$1.42/SF
EGI
$41.4K $18.74/SF
− OpEx
−$12.4K −$5.62/SF
NOI
$29.0K $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%
$579,900
Cap Rate 7%
$414,214
Cap Rate 9%
$322,167
Alternative Uses
Best Use
Multifamily LT 5
$414.2K
$362.4K – $483.3K
NOI $28,995 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$382.0K
$334.3K – $445.7K
NOI $26,743 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$596.9K
$522.3K – $696.4K
NOI $41,783 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 98373, WA
28,165
Population
11,113
Households
2.5
Avg Household Size
35
Median Age
26%
College-Educated
94%
High-School Grad
9.4 sq mi
ZIP Area
2,996
Density / Sq Mi
$102,791
Median Household Income
$51,865
Median Earnings
$1,823
Median Rent
$517,600
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 - 2019-built duplex with two-bedroom units, attached garages, and a detached shop on a private dead-end street.
Where is this duplex located?
The property is located at 12926 78th Avenue East Puyallup, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two‑unit duplex built in 2019 with 2,210 SF total; Each unit has 2 bedrooms, 2 bathrooms, and just over 1,100 sq ft; Attached 2‑car garages for both units
