Updated Quadplex with On-Site
New
For Sale
$799,950
4028 S Lawrence Street, Tacoma, WA 98409
Three units currently produce rental income, with one additional unit available for lease.
Property Size3,328 SF
Price / SF$240.37
Days on Market4
Property Features for 4028 S Lawrence Street
General Information
Standard status
Active
Size
3,328 SF
Property subtype
Multi-Family
Occupancy
75%
Additional Details
Multifamily Units
4
Building Details
Year Built
1974
Listing Agency:
Pellego, Inc.
Listed By:
Bao Phung · License #NWM54509
Source:
Frontstreetrealty
Added: Sep 5
Last Checked: Sep 6 at 4:35AM
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 Pellego, Inc.
Investment Insights
Based on property information with market context.
This 4-unit multifamily property contains 3,328 square feet and was built in 1974. The units have been updated, with three currently rented and one available for lease. On-site parking serves the property and provides a practical feature for residents.
Located at 4028 S Lawrence Street in Tacoma, the property is near shopping, dining, parks, schools, employment, and major roadways. The existing occupancy and available unit create a straightforward operating profile for a buyer seeking a small residential income property.
Located at 4028 S Lawrence Street in Tacoma, the property is near shopping, dining, parks, schools, employment, and major roadways. The existing occupancy and available unit create a straightforward operating profile for a buyer seeking a small residential income property.
Key Highlights
- 4‑unit multifamily property with 3,328 square feet
- 3 of 4 units are currently rented
- One unit is available for lease
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
$43,847
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
5.48%
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%
$876,940
$876.9K
Cap Rate 7%
$626,386
$626.4K
Cap Rate 9%
$487,189
$487.2K
Market Conditions
NOI Build-Up for 3,328 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
$65.9K $19.80/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$62.6K $18.82/SF
− OpEx
−$18.8K −$5.65/SF
NOI
$43.8K $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%
$876,940
Cap Rate 7%
$626,386
Cap Rate 9%
$487,189
Alternative Uses
Best Use
Multifamily LT 5
$626.4K
$548.1K – $730.8K
NOI $43,847 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$544.4K
$476.3K – $635.1K
NOI $38,105 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$1.02M
$895.1K – $1.19M
NOI $71,605 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,250
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
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?
Quadplex - Three units currently produce rental income, with one additional unit available for lease.
Where is this quadplex located?
The property is located at 4028 S Lawrence Street Tacoma, WA.
What is the asking price?
The asking price for this property is $799,950.
What are key features of this property?
This property features: 4‑unit multifamily property with 3,328 square feet; 3 of 4 units are currently rented; One unit is available for lease
