Duplex with Fenced
New
For Sale
$485,000
1701 1703 Garfield Street S, Tacoma, WA 98444
Two residential units include laundry, kitchen appliances, patios, and partially fenced outdoor space.
Property Size1,325 SF
Price / SF$366.04
Days on Market7
Property Features for 1701 1703 Garfield Street S
General Information
Standard status
Active
Size
1,325 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$30,988
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,621
Amenities
washer & dryer
kitchen appliances
patio
fenced back yard
views
Vinyl,Carpet
Yes
No
1
Electric
Paved
Fenced-Partially,Patio
4
0.2296
Wood Products
Slab
1325
Building Details
Building Size
1,325 SF
Year Built
1962
Stories
1
Listing Agency:
Oyhut Bay Realty
(360) 723-0155
Listed By:
Cayla Kersanty
(360) 521-4814
Source:
Premierepropertygroup
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 21 at 4:20AM
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 Oyhut Bay Realty
Investment Insights
Based on property information with market context.
This duplex contains two residential units within a 1,325-square-foot property built in 1962. The units feature vinyl and carpet flooring, individual washer and dryer equipment, and kitchen appliances. Each unit also has a patio connected to the kitchen, with partially fenced outdoor space. The property has a paved surface and wood-product construction.
Located at 1701–1703 Garfield Street S in Tacoma, the duplex is near Pacific Lutheran University and I-5. The site encompasses 0.2296 acres and includes a slab foundation. Exterior paint has been recently renewed, while the units have been maintained for ongoing residential use.
Located at 1701–1703 Garfield Street S in Tacoma, the duplex is near Pacific Lutheran University and I-5. The site encompasses 0.2296 acres and includes a slab foundation. Exterior paint has been recently renewed, while the units have been maintained for ongoing residential use.
Key Highlights
- Two‑unit duplex with 1,325 square feet
- Built in 1962 with wood‑product construction and slab foundation
- Each unit includes a washer, dryer, and kitchen appliances
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
$17,457
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
3.60%
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%
$349,140
$349.1K
Cap Rate 7%
$249,386
$249.4K
Cap Rate 9%
$193,967
$194.0K
Market Conditions
NOI Build-Up for 1,325 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
$26.2K $19.80/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$24.9K $18.82/SF
− OpEx
−$7.5K −$5.65/SF
NOI
$17.5K $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%
$349,140
Cap Rate 7%
$249,386
Cap Rate 9%
$193,967
Alternative Uses
Best Use
Multifamily LT 5
$249.4K
$218.2K – $291.0K
NOI $17,457 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$216.7K
$189.6K – $252.9K
NOI $15,171 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$407.3K
$356.4K – $475.2K
NOI $28,509 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
186
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include laundry, kitchen appliances, patios, and partially fenced outdoor space.
Where is this duplex located?
The property is located at 1701 1703 Garfield Street S Tacoma, WA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,325 square feet; Built in 1962 with wood‑product construction and slab foundation; Each unit includes a washer, dryer, and kitchen appliances
