Building Details

Year Built 1987

Listing Agency: RE/MAX Northwest

Listed By: Jay Karlin Show Phone

Source: Viewhomesinpugetsound

Added: Sep 21 Changed: Sep 24 Last Checked: Sep 26 at 7:39AM

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Investment Insights

Based on property information with market context.

The duplex property totals 5,284 square feet and was built in 1987. Residences feature open floor plans, living rooms with fireplaces, kitchens with bar seating, primary suites with private bathrooms and walk-in closets, and additional bedrooms with bathrooms. Each home has a private attached garage, with extra driveway parking available.

The property sits on a cul-de-sac in Fircrest, with access to the Fircrest Community Center and Pool, University Place School District schools, golf courses, shopping, and dining.

Key Highlights

• 5,284‑square‑foot duplex property built in 1987
• Each home includes a private attached garage and additional driveway parking
• Living rooms feature fireplaces; kitchens include countertop bar seating

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

$69,326

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

5.33%

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%

$1,386,520 $1.4M

Cap Rate 7%

$990,371 $990.4K

Cap Rate 9%

$770,289 $770.3K

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

$106.5K $20.16/SF

− Vacancy

−$7.5K −$1.42/SF

EGI

$99.0K $18.74/SF

− OpEx

−$29.7K −$5.62/SF

NOI

$69.3K $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%

$1,386,520

Cap Rate 7%

$990,371

Cap Rate 9%

$770,289

Alternative Uses

Best Use

Multifamily LT 5

$990.4K

$866.6K – $1.16M (±1% cap)

NOI $69,326 @ 7.0% cap · market cap 5.33%

Second Best

Apartment 5plus

$913.5K

$799.3K – $1.07M (±1% cap)

NOI $63,942 @ 7.0% cap · market cap 4.92%

Theoretical Best

Office A

$1.43M

$1.25M – $1.67M (±1% cap)

NOI $99,901 @ 7.0% cap · market cap 7.68%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Law Firm Electrical Service HVAC Service Parking Lot & Garage Real Estate Agency Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Open layouts, fireplaces, private suites, and driveway parking are among the property’s residential features.

Where is this duplex located?

The property is located at 1325 Contra Costa Ave 1319 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: 5,284‑square‑foot duplex property built in 1987; Each home includes a private attached garage and additional driveway parking; Living rooms feature fireplaces; kitchens include countertop bar seating