Dual-Duplex Multifamily
For Sale
$1,300,000
1319 Contra Costa, Fircrest, WA 98466
Each residence has an attached garage, a fireplace, and a primary suite with a private bath.
Property Size5,284 SF
Price / SF$246.03
Days on Market10
Property Features for 1319 Contra Costa
General Information
Standard status
Active
Size
5,284 SF
Property subtype
Multi-family
Building Details
Year Built
1987
Listing Agency:
RE/MAX Northwest
Listed By:
Jay Karlin
(253) 853-3522
Source:
Skylineproperties
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 6:04AM
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.
This 5,284-square-foot multifamily property consists of two duplexes, built in 1987. The residences feature open living areas, fireplaces, and kitchens with counter seating. Primary suites include private bathrooms and walk-in closets; additional bedrooms also have their own bathrooms. Attached garages and driveway parking serve the residences.
The property sits on a cul-de-sac in Fircrest, with the Fircrest Community Center and pool, University Place School District schools, golf courses, shops, and restaurants among the nearby destinations.
The property sits on a cul-de-sac in Fircrest, with the Fircrest Community Center and pool, University Place School District schools, golf courses, shops, and restaurants among the nearby destinations.
Key Highlights
- Two duplexes comprising a 5,284‑square‑foot multifamily property
- Built in 1987
- Fireplaces and kitchens with counter seating in the residences
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
$63,942
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
4.92%
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%
$1,278,840
$1.3M
Cap Rate 7%
$913,457
$913.5K
Cap Rate 9%
$710,467
$710.5K
Market Conditions
NOI Build-Up for 5,284 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
$125.5K $23.76/SF
− Vacancy
−$9.3K −$1.76/SF
EGI
$116.3K $22.00/SF
− OpEx
−$52.3K −$9.90/SF
NOI
$63.9K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$1,278,840
Cap Rate 7%
$913,457
Cap Rate 9%
$710,467
Alternative Uses
Best Use
Apartment 5plus
$913.5K
$799.3K – $1.07M
NOI $63,942 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $99,901 @ 7.0% cap · market cap 7.68%
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?
Multifamily property - Each residence has an attached garage, a fireplace, and a primary suite with a private bath.
Where is this multifamily property located?
The property is located at 1319 Contra Costa 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 comprising a 5,284‑square‑foot multifamily property; Built in 1987; Fireplaces and kitchens with counter seating in the residences
