Sumner Quadplex with Private Outdoor
For Sale
$1,070,000
1601 Bonney Avenue, Sumner, WA 98390
Four well-maintained apartments offer washer/dryers, covered parking, and a mix of fenced yards and private decks.
Property Size4,060 SF
Price / SF$263.55
Days on Market17
Property Features for 1601 Bonney Avenue
General Information
Standard status
Active
Size
4,060 SF
Total Parking Spaces
4
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Cap Rate
6.16%
Amenities
in-unit washer/dryers
private fenced backyards
private decks
storage shed
Building Details
Year Built
1987
Buildings
1
Listing Agency:
COMPASS
(206) 399-3285
Listed By:
Erich Bubbel · License #117941
Source:
Skylineproperties
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 30 at 2:18AM
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 COMPASS
Investment Insights
Based on property information with market context.
Located at 1601 Bonney Avenue in Sumner, this 4,060-square-foot apartment property contains four two-bedroom, one-bath units, each measuring approximately 1,015 SF. In-unit washer/dryers support day-to-day convenience, while vinyl windows, new exterior paint, forced-air and baseboard heat, four covered carport spaces, and a storage shed add to the property’s physical improvements. The lower apartments include private fenced backyards, and the upper apartments have private decks.
Recent work includes a fully updated crawl space with a new vapor barrier, sump pump, and insulation. The property was built in 1987 and is positioned just blocks from the Sounder Train, SR-167, downtown Sumner, shopping, dining, and major employment centers. Current CAP is 6.16.
Recent work includes a fully updated crawl space with a new vapor barrier, sump pump, and insulation. The property was built in 1987 and is positioned just blocks from the Sounder Train, SR-167, downtown Sumner, shopping, dining, and major employment centers. Current CAP is 6.16.
Key Highlights
- Four‑unit apartment building with four 2‑bedroom, 1‑bath units
- Approximately 1,015 SF per unit; 4,060 SF property size
- 6.16 Current CAP
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
$53,267
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
4.98%
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%
$1,065,340
$1.1M
Cap Rate 7%
$760,957
$761.0K
Cap Rate 9%
$591,856
$591.9K
Market Conditions
NOI Build-Up for 4,060 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
$81.8K $20.16/SF
− Vacancy
−$5.8K −$1.42/SF
EGI
$76.1K $18.74/SF
− OpEx
−$22.8K −$5.62/SF
NOI
$53.3K $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%
$1,065,340
Cap Rate 7%
$760,957
Cap Rate 9%
$591,856
Alternative Uses
Best Use
Multifamily LT 5
$761.0K
$665.8K – $887.8K
NOI $53,267 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$701.9K
$614.1K – $818.8K
NOI $49,130 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$1.10M
$959.5K – $1.28M
NOI $76,759 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
838
Businesses Nearby
Explore this area
Business Placement
Demographics for 98390, WA
11,727
Population
4,836
Households
2.4
Avg Household Size
39
Median Age
23%
College-Educated
91%
High-School Grad
9.2 sq mi
ZIP Area
1,275
Density / Sq Mi
$97,815
Median Household Income
$56,909
Median Earnings
$1,886
Median Rent
$471,500
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 - Four well-maintained apartments offer washer/dryers, covered parking, and a mix of fenced yards and private decks.
Where is this quadplex located?
The property is located at 1601 Bonney Avenue Sumner, WA.
What is the asking price?
The asking price for this property is $1,070,000.
What are key features of this property?
This property features: Four‑unit apartment building with four 2‑bedroom, 1‑bath units; Approximately 1,015 SF per unit; 4,060 SF property size; 6.16 Current CAP
