Fully Occupied Two-Unit
For Sale
$495,000
1644 120th St S, Tacoma, WA 98444
Two refreshed units offer separate driveways, kitchen appliances, and private fenced backyards.
Property Size1,368 SF
Price / SF$361.84
Days on Market22
Property Features for 1644 120th St S
General Information
Standard status
Active
Size
1,368 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1956
Buildings
1
Listing Agency:
John L. Scott Dupont
(253) 964-7700
Listed By:
Davina L. Clardy · License #24487
Source:
Theinspiregroup
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 29 at 12:12PM
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 John L. Scott Dupont
Investment Insights
Based on property information with market context.
This 1,368-square-foot duplex, built in 1956, contains two residential units with matching layouts of two bedrooms and one bathroom each. Both interiors have been recently refreshed, and kitchen appliances are included. Separate driveways serve the units, while each residence has its own fully fenced backyard. The property sits on a large corner lot and is fully occupied, with an established rental history and a newer roof installed within the last few years.
The address is near Pacific Lutheran University, shopping, major freeways, and Joint Base Lewis-McChord. Its two-unit configuration, individual outdoor areas, and separate access provide a practical setup for continued rental use or owner occupancy with an additional rented unit.
The address is near Pacific Lutheran University, shopping, major freeways, and Joint Base Lewis-McChord. Its two-unit configuration, individual outdoor areas, and separate access provide a practical setup for continued rental use or owner occupancy with an additional rented unit.
Key Highlights
- Two‑unit duplex with 1,368 square feet, built in 1956
- Each unit includes 2 bedrooms and 1 bathroom
- Fully occupied with established rental history
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
$18,024
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
3.64%
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%
$360,480
$360.5K
Cap Rate 7%
$257,486
$257.5K
Cap Rate 9%
$200,267
$200.3K
Market Conditions
NOI Build-Up for 1,368 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
$27.1K $19.80/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$25.7K $18.82/SF
− OpEx
−$7.7K −$5.65/SF
NOI
$18.0K $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%
$360,480
Cap Rate 7%
$257,486
Cap Rate 9%
$200,267
Alternative Uses
Best Use
Multifamily LT 5
$257.5K
$225.3K – $300.4K
NOI $18,024 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$223.8K
$195.8K – $261.1K
NOI $15,664 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$420.5K
$367.9K – $490.6K
NOI $29,434 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 98444, WA
36,885
Population
13,762
Households
2.7
Avg Household Size
34
Median Age
15%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,346
Density / Sq Mi
$64,464
Median Household Income
$39,829
Median Earnings
$1,581
Median Rent
$369,500
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?
Duplex - Two refreshed units offer separate driveways, kitchen appliances, and private fenced backyards.
Where is this duplex located?
The property is located at 1644 120th St S Tacoma, WA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,368 square feet, built in 1956; Each unit includes 2 bedrooms and 1 bathroom; Fully occupied with established rental history
