Building Details

Year Built 1967

Listing Agency: Berkshire Hathaway HS NW

Listed By: Suzanne Smith · License #34559 Show Phone

Source: Century21northhomes

Added: Apr 13 Changed: Oct 21 Last Checked: Oct 20 at 11:26PM

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Investment Insights

Based on property information with market context.

This well-maintained fourplex offers four spacious units, each configured with two bedrooms and 1.5 bathrooms. Unit interiors feature a desirable layout that includes an eat-in kitchen with granite countertops, a formal dining room, a walk-in closet, and a cozy fireplace. Each unit also includes an in-unit washer/dryer, along with dedicated storage and covered carport parking.

The property is offered for sale as a turnkey investment with existing unit amenities designed to support straightforward tenant living. Covered carport parking and dedicated storage are provided for on-site convenience.

The four units combine consistent layouts and practical in-unit features, including laundry, while the property’s covered parking and storage help round out the overall tenant-ready configuration.

Key Highlights

• Fourplex built in 1967 with four units, each offering 2 bedrooms and 1.5 baths
• Each unit includes a cozy fireplace, formal dining room, and eat‑in kitchen with granite countertops
• In‑unit washer/dryer included for all units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,949

Cap Rate

3.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,078,980 $1.1M

Cap Rate 7%

$770,700 $770.7K

Cap Rate 9%

$599,433 $599.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,112 SF

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 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. How Realmo checks its estimates

Property Analytics

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

Frequently Asked Questions

What type of property is this?

Quadplex - Turnkey fourplex offering four 2-bedroom, 1.5-bath units with covered carport parking and in-unit washer/dryer.

Where is this quadplex located?

The property is located at 1461 Rainier 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: Fourplex built in 1967 with four units, each offering 2 bedrooms and 1.5 baths; Each unit includes a cozy fireplace, formal dining room, and eat‑in kitchen with granite countertops; In‑unit washer/dryer included for all units