Updated Duplex with Water
For Sale
Contact for pricing
1917 Willow Ln W, University Place, WA 98466
Two fully renovated units feature large windows, multi-level 3-bedroom layouts, and attached plus detached garage parking.
Property Size3,548 SF
Price / SF$281.85
Days on Market109
Property Features for 1917 Willow Ln W
General Information
Standard status
Active
Size
3,548 SF
Property subtype
Multifamily
Zoning
Residential
Net Operating Income
$62,574
Building Details
Year Built
1965
Year Renovated
1987
Stories
1
Units
2
Listing Agency:
Keller Williams Tacoma
Listed By:
Brian Thayer · License #72669
Source:
Crexi
Added: Jul 7
Changed: Oct 2
Last Checked: Oct 23 at 6:52AM
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 Keller Williams Tacoma
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Investment Insights
Based on property information with market context.
This beautifully maintained, updated duplex includes two levels per unit with 3 bedrooms and 2 bathrooms. Each unit is configured to feel like a single-family home, with large windows designed to capture Puget Sound and Olympic Mountain views. Parking is provided by an attached garage plus an additional 1-car detached garage. Recent capital improvements include fully renovated interiors for both units with modern updates and quality finishes.
The property is located at 1917 Willow Ln W in University Place, WA 98466. Access directions provided from S Jackson Ave/Bridgeport Way W include heading west on 19th St W, turning left on Willow Lane W, and following the private road to the property on the left.
Rents are currently below current market levels, creating room for future income growth and enhanced cash flow, supported by the strong demand in the University Place rental market.
The property is located at 1917 Willow Ln W in University Place, WA 98466. Access directions provided from S Jackson Ave/Bridgeport Way W include heading west on 19th St W, turning left on Willow Lane W, and following the private road to the property on the left.
Rents are currently below current market levels, creating room for future income growth and enhanced cash flow, supported by the strong demand in the University Place rental market.
Key Highlights
- Duplex built in 1965 with two fully renovated units and large windows for Puget Sound and Olympic Mountain views
- Each unit offers a multi‑level layout with 3 bedrooms and 2 bathrooms
- Parking includes 1 attached garage plus a 1‑car detached garage for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,549
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$930,980
$931.0K
Cap Rate 7%
$664,986
$665.0K
Cap Rate 9%
$517,211
$517.2K
Market Conditions
NOI Build-Up for 3,548 SF
Gross rent
$71.5K $20.16/SF
− Vacancy
−$5.0K −$1.42/SF
EGI
$66.5K $18.74/SF
− OpEx
−$19.9K −$5.62/SF
NOI
$46.5K $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%
$930,980
Cap Rate 7%
$664,986
Cap Rate 9%
$517,211
Alternative Uses
Best Use
Multifamily LT 5
$665.0K
$581.9K – $775.8K
NOI $46,549 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$613.3K
$536.7K – $715.6K
NOI $42,934 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$958.3K
$838.5K – $1.12M
NOI $67,079 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
1,351
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
Frequently Asked Questions
What type of property is this?
Duplex - Two fully renovated units feature large windows, multi-level 3-bedroom layouts, and attached plus detached garage parking.
Where is this duplex located?
The property is located at 1917 Willow Ln W University Place, WA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Duplex built in 1965 with two fully renovated units and large windows for Puget Sound and Olympic Mountain views; Each unit offers a multi‑level layout with 3 bedrooms and 2 bathrooms; Parking includes 1 attached garage plus a 1‑car detached garage for each unit
