Corner-Lot Duplex with
New
For Sale
$719,000
3801 54th Street Court NW, Gig Harbor, WA 98335
Two townhome-style units offer private patios, attached garages, and two bedrooms each.
Property Size2,232 SF
Price / SF$322.13
Days on Market2
Property Features for 3801 54th Street Court NW
General Information
Standard status
Active
Size
2,232 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Net Operating Income
$40,994
Financials
Asking Price
$719,000
Gross Income
$27,600
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,015
Amenities
attached garage
fenced backyard
patio
low-maintenance landscaping
views
Vinyl,Carpet
Yes
No
2
4
Electric
Corner Lot,Paved
Public
Fenced-Partially,Patio
10
14,600
0.3352
Wood
Poured Concrete
2232
8
Building Details
Building Size
2,232 SF
Year Built
1972
Stories
2
Listing Agency:
KW Greater Seattle
(971) 271-8932
Listed By:
Brandy Ingebretson Alexander Altomare
(480) 299-0229
Source:
Premierepropertygroup
Added: Sep 12
Last Checked: Sep 13 at 5:51AM
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 KW Greater Seattle
Investment Insights
Based on property information with market context.
This 2,232-square-foot duplex, built in 1972, includes two separate townhome-style residences. Each unit has two bedrooms, one and a half bathrooms, an attached garage, and a private patio. Interior finishes include vinyl and carpet, while the property sits on a paved corner lot.
The property is located at 3801 54th Street Court NW in Gig Harbor, with access to Highway 16, shopping, and dining nearby. Its duplex configuration supports separate occupancy of both residences or a live-in arrangement with one unit available for rental.
The property is located at 3801 54th Street Court NW in Gig Harbor, with access to Highway 16, shopping, and dining nearby. Its duplex configuration supports separate occupancy of both residences or a live-in arrangement with one unit available for rental.
Key Highlights
- 2,232‑square‑foot duplex with two separate residences
- Each unit includes 2 bedrooms and 1.5 baths
- Attached garage provided for each unit
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
$29,284
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
4.07%
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%
$585,680
$585.7K
Cap Rate 7%
$418,343
$418.3K
Cap Rate 9%
$325,378
$325.4K
Market Conditions
NOI Build-Up for 2,232 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
$45.0K $20.16/SF
− Vacancy
−$3.2K −$1.42/SF
EGI
$41.8K $18.74/SF
− OpEx
−$12.6K −$5.62/SF
NOI
$29.3K $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%
$585,680
Cap Rate 7%
$418,343
Cap Rate 9%
$325,378
Alternative Uses
Best Use
Multifamily LT 5
$418.3K
$366.1K – $488.1K
NOI $29,284 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$385.8K
$337.6K – $450.2K
NOI $27,009 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$602.8K
$527.5K – $703.3K
NOI $42,199 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,235
Businesses Nearby
Explore this area
Business Placement
Demographics for 98335, WA
27,307
Population
11,457
Households
2.4
Avg Household Size
47
Median Age
52%
College-Educated
97%
High-School Grad
22.1 sq mi
ZIP Area
1,236
Density / Sq Mi
$130,304
Median Household Income
$65,089
Median Earnings
$1,971
Median Rent
$736,400
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 - Two townhome-style units offer private patios, attached garages, and two bedrooms each.
Where is this duplex located?
The property is located at 3801 54th Street Court NW Gig Harbor, WA.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: 2,232‑square‑foot duplex with two separate residences; Each unit includes 2 bedrooms and 1.5 baths; Attached garage provided for each unit
