Brick Duplex with Attached
For Sale
$549,900
912 138th St E, Tacoma, WA 98445
Vacant two-unit property with private outdoor space, in-unit laundry, and recent updates throughout.
Property Size1,800 SF
Lot Size0.33 Acres
Price / SF$305.50
Days on Market46
Property Features for 912 138th St E
General Information
Standard status
Active
Size
1,800 SF
Lot size
0.33 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
private fenced backyard
Building Details
Year Built
1960
Buildings
1
Construction
brick
Listing Agency:
Real Broker LLC
(206) 926-3701
Listed By:
Charles Burnett
Source:
Montgomeryht
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 29 at 10:58AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This legal duplex contains two approximately 900 SF residences, each configured with two bedrooms, one bathroom, an attached garage, private fenced backyard, and in-unit laundry. The 1,800 SF property has a brick exterior, mature landscaping, and recent improvements including interior and exterior paint, water heaters, upgraded electrical panels, roof, and windows. Both units are currently vacant after long-term tenant turnover, allowing convenient access for showings and immediate occupancy or leasing plans.
The property is located in unincorporated Pierce County at 912 138th St E, Tacoma, WA 98445. It is near JBLM, PLU, shopping, schools, and major commuter routes, and is not subject to Tacoma's Rental Housing Code. The 0.33-acre lot provides separate fenced outdoor areas for the residences.
The property is located in unincorporated Pierce County at 912 138th St E, Tacoma, WA 98445. It is near JBLM, PLU, shopping, schools, and major commuter routes, and is not subject to Tacoma's Rental Housing Code. The 0.33-acre lot provides separate fenced outdoor areas for the residences.
Key Highlights
- Legal duplex with 1,800 SF total and two approximately 900 SF units
- Two 2‑bedroom, 1‑bath units, each with an attached garage
- Private fenced backyard and in‑unit laundry for each residence
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
$23,716
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
4.31%
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%
$474,320
$474.3K
Cap Rate 7%
$338,800
$338.8K
Cap Rate 9%
$263,511
$263.5K
Market Conditions
NOI Build-Up for 1,800 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
$35.6K $19.80/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$33.9K $18.82/SF
− OpEx
−$10.2K −$5.65/SF
NOI
$23.7K $13.18/SF
Area
Tacoma, WA
Vacancy
4.94%
Lease Rate
$19.80 /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%
$474,320
Cap Rate 7%
$338,800
Cap Rate 9%
$263,511
Alternative Uses
Best Use
Multifamily LT 5
$338.8K
$296.5K – $395.3K
NOI $23,716 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$294.4K
$257.6K – $343.5K
NOI $20,610 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$553.3K
$484.1K – $645.5K
NOI $38,729 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 98445, WA
33,927
Population
12,546
Households
2.7
Avg Household Size
36
Median Age
19%
College-Educated
90%
High-School Grad
10.4 sq mi
ZIP Area
3,262
Density / Sq Mi
$90,063
Median Household Income
$48,574
Median Earnings
$1,721
Median Rent
$413,200
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?
Duplex - Vacant two-unit property with private outdoor space, in-unit laundry, and recent updates throughout.
Where is this duplex located?
The property is located at 912 138th St E Tacoma, WA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Legal duplex with 1,800 SF total and two approximately 900 SF units; Two 2‑bedroom, 1‑bath units, each with an attached garage; Private fenced backyard and in‑unit laundry for each residence
