Improved Two-Unit
For Sale
$545,000
2346 Fawcett Avenue, Tacoma, WA 98402
Two updated apartments share laundry, with gated off-street parking and access to Tacoma’s central employment, dining, and transit connections.
Property Size1,989 SF
Days on Market9
Property Features for 2346 Fawcett Avenue
General Information
Standard status
Active
Size
1,989 SF
Property subtype
Residential Income
Net Operating Income
$28,683
Taxes and HOA fees
Annual Taxes
$5,041
Amenities
Seller intends to review offers upon receipt
Thermal Windows
Multi-Family, Residential
TPU
Cable TV, Fenced-Fully, High Speed Internet, RV Parking
Very Good
1967
Electric
no
yes
Public Records
Vinyl, Vinyl Plank, Carpet
2
Square Feet
Composition
Sewer Connected
52 - Duplex
Alley, Curbs, Paved, Sidewalk
Public
Duplex
Feet
RV Parking
Wood
false
Pillar/Post/Pier
Realist
4622
6000
Building Details
Building Size
1,989 SF
Year Built
1905
Listed By:
Multifamily Properties
(206) 250-6961
Source:
Multifamilymomentum.idxbroker
Added: Sep 16
Changed: Sep 22
Last Checked: Sep 22 at 1:18PM
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 Multifamily Properties
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bath apartments within 1989 square feet. Both units have access to shared laundry, and the property includes gated off-street parking. Recent work includes a new roof, exterior painting, a remodel of the lower unit, and a new alley gate. The building was constructed in 1905 and offers city and territorial views.
Located near central Tacoma, the property provides access to Downtown, UW Tacoma, employment centers, dining, and public transportation. E9 Brewing and Redd Dog Brewing are on the same street, while nearby transit serves connections throughout Tacoma and the South Sound. The main-level unit is leased through October 1, 2026, and the upstairs unit is month-to-month.
Located near central Tacoma, the property provides access to Downtown, UW Tacoma, employment centers, dining, and public transportation. E9 Brewing and Redd Dog Brewing are on the same street, while nearby transit serves connections throughout Tacoma and the South Sound. The main-level unit is leased through October 1, 2026, and the upstairs unit is month-to-month.
Key Highlights
- Two 2‑bedroom, 1‑bath apartments with shared laundry access
- 1989 square feet in a duplex built in 1905
- Recent improvements include a new roof, exterior paint, and lower‑unit remodel
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
$26,206
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
4.81%
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%
$524,120
$524.1K
Cap Rate 7%
$374,371
$374.4K
Cap Rate 9%
$291,178
$291.2K
Market Conditions
NOI Build-Up for 1,989 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
$39.4K $19.80/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$37.4K $18.82/SF
− OpEx
−$11.2K −$5.65/SF
NOI
$26.2K $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%
$524,120
Cap Rate 7%
$374,371
Cap Rate 9%
$291,178
Alternative Uses
Best Use
Multifamily LT 5
$374.4K
$327.6K – $436.8K
NOI $26,206 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$325.3K
$284.7K – $379.6K
NOI $22,774 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$611.4K
$534.9K – $713.3K
NOI $42,795 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,207
Businesses Nearby
Explore this area
Business Placement
Demographics for 98402, WA
8,053
Population
4,788
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
6,711
Density / Sq Mi
$54,712
Median Household Income
$43,145
Median Earnings
$1,478
Median Rent
$558,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated apartments share laundry, with gated off-street parking and access to Tacoma’s central employment, dining, and transit connections.
Where is this duplex located?
The property is located at 2346 Fawcett Avenue Tacoma, WA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath apartments with shared laundry access; 1989 square feet in a duplex built in 1905; Recent improvements include a new roof, exterior paint, and lower‑unit remodel
