Duplex Property with Attached
For Sale
$1,300,000
1311 Contra Costa Avenue, Fircrest, WA 98466
Open-plan residences include fireplaces, bar seating at kitchen counters, and private driveway parking.
Property Size5,328 SF
Price / SF$243.99
Days on Market19
Property Features for 1311 Contra Costa Avenue
General Information
Standard status
Active
Size
5,328 SF
Property subtype
Multi-family
Amenities
fireplace
Building Details
Year Built
1986
Listing Agency:
RE/MAX Northwest
Listed By:
Jay Karlin
(253) 564-6211
Source:
Century21northhomes
Added: Sep 13
Changed: Oct 1
Last Checked: Oct 1 at 11:12AM
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 RE/MAX Northwest
Investment Insights
Based on property information with market context.
Built in 1986, this 5,328-square-foot property comprises two duplexes with open living areas and fireplaces. Kitchens feature counter bar seating, while primary suites have private bathrooms and walk-in closets. Additional bedrooms also have individual bathrooms. Each residence includes an attached garage, with driveway parking available as well.
The property is at 1311 Contra Costa Avenue in Fircrest, within the University Place School District. Nearby destinations include the Fircrest Community Center and Pool, local golf courses, shopping, and dining.
The property is at 1311 Contra Costa Avenue in Fircrest, within the University Place School District. Nearby destinations include the Fircrest Community Center and Pool, local golf courses, shopping, and dining.
Key Highlights
- Two duplexes with a combined 5,328 square feet
- Built in 1986
- Fireplaces and open‑plan living areas
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
$69,903
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
5.38%
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%
$1,398,060
$1.4M
Cap Rate 7%
$998,614
$998.6K
Cap Rate 9%
$776,700
$776.7K
Market Conditions
NOI Build-Up for 5,328 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
$107.4K $20.16/SF
− Vacancy
−$7.6K −$1.42/SF
EGI
$99.9K $18.74/SF
− OpEx
−$30.0K −$5.62/SF
NOI
$69.9K $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%
$1,398,060
Cap Rate 7%
$998,614
Cap Rate 9%
$776,700
Alternative Uses
Best Use
Multifamily LT 5
$998.6K
$873.8K – $1.17M
NOI $69,903 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$921.1K
$805.9K – $1.07M
NOI $64,474 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,732 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 98466, WA
29,769
Population
12,773
Households
2.3
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
6.2 sq mi
ZIP Area
4,801
Density / Sq Mi
$94,598
Median Household Income
$53,823
Median Earnings
$1,724
Median Rent
$564,400
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 - Open-plan residences include fireplaces, bar seating at kitchen counters, and private driveway parking.
Where is this duplex located?
The property is located at 1311 Contra Costa Avenue Fircrest, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Two duplexes with a combined 5,328 square feet; Built in 1986; Fireplaces and open‑plan living areas
