Building Details

Year Built 1967

Listing Agency: Berkshire Hathaway HS NW t***@gmail.com Show Phone

Listed By: Suzanne Smith · License #34559

Source: Montgomeryht

Added: Jul 18 Changed: Aug 30 Last Checked: Aug 30 at 6:34AM

Report an Issue

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 Berkshire Hathaway HS NW

Investment Insights

Based on property information with market context.

This 4,112-square-foot quadplex, completed in 1967, contains four two-bedroom residences with one and a half baths apiece. Each unit includes a fireplace, dining area, eat-in kitchen with granite countertops, walk-in closet, and in-unit washer and dryer. The layouts also provide dedicated residential living and dining spaces suited to long-term occupancy.

Exterior amenities include covered carport parking and separate storage areas for the units. The property is located at 1461 Rainier Ct in Fircrest, Washington, with a 98466 ZIP code.

Key Highlights

• 4,112 SF quadplex with four residential units
• Each unit has 2 bedrooms and 1.5 baths
• Fireplace, eat‑in kitchen, granite countertops, and formal dining area in 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

$53,949

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

3.85%

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%

$1,078,980 $1.1M

Cap Rate 7%

$770,700 $770.7K

Cap Rate 9%

$599,433 $599.4K

Market Conditions

NOI Build-Up for 4,112 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

$82.9K $20.16/SF

− Vacancy

−$5.8K −$1.42/SF

EGI

$77.1K $18.74/SF

− OpEx

−$23.1K −$5.62/SF

NOI

$53.9K $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%

$1,078,980

Cap Rate 7%

$770,700

Cap Rate 9%

$599,433

Alternative Uses

Best Use

Multifamily LT 5

$770.7K

$674.4K – $899.2K (±1% cap)

NOI $53,949 @ 7.0% cap · market cap 3.85%

Second Best

Apartment 5plus

$710.8K

$622.0K – $829.3K (±1% cap)

NOI $49,759 @ 7.0% cap · market cap 3.55%

Theoretical Best

Office A

$1.11M

$971.8K – $1.30M (±1% cap)

NOI $77,742 @ 7.0% cap · market cap 5.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick HVAC Service Big Box & Wholesale Store Electrical Service Parking Lot & Garage Grocery & Convenience Store Pharmacy

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

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

172

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 quadplexes located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Quadplex - Four residential units offer private laundry, covered parking, storage, and upgraded kitchen finishes.

Where is this quadplex located?

The property is located at 1461 Rainier Ct Fircrest, WA.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: 4,112 SF quadplex with four residential units; Each unit has 2 bedrooms and 1.5 baths; Fireplace, eat‑in kitchen, granite countertops, and formal dining area in each unit