Renovated Apartment
For Sale
$4,549,900
219 5TH, Puyallup, WA 98372
Renovated multifamily property with a mix of 1-, 2-, and 4-bedroom units in Puyallup, WA.
Property Size18,594 SF
Price / SF$244.70
Days on Market440
Property Features for 219 5TH
General Information
Standard status
Active
Size
18,594 SF
Property subtype
Multi-family
Additional Details
Cap Rate
6.03%
Multifamily Units
21
Building Details
Year Built
1963
Listing Agency:
Lumin Brokers of Washington
Listed By:
Rich Kim
(253) 564-6211
Source:
Century21northhomes
Added: May 29, 2025
Changed: Aug 10
Last Checked: Aug 10 at 3:48AM
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 Lumin Brokers of Washington
Investment Insights
Based on property information with market context.
Garden Square Apartments is a renovated multifamily building containing a mix of unit types: two 1-bedroom/1-bath units, eighteen 2-bedroom/1-bath units, and one 4-bedroom/1.5-bath unit. The property is positioned for rental operations with multiple bedroom formats that can serve a range of household needs.
Located at 219 5th in Puyallup, WA, the building benefits from a Walk Score of 87 out of 100, supporting convenient access to shopping, entertainment districts, and restaurants. This central setting can be useful for tenants who prefer to live near everyday destinations.
The unit mix makes Garden Square Apartments suitable for operators looking to manage a portfolio-style multifamily asset and accommodate both shorter stays and longer tenancies, as described for the community. With multiple 1- and 2-bedroom units plus a larger 4-bedroom layout, the property offers flexibility in leasing strategies while maintaining a consistent apartment-building framework. Please do not disturb tenants.
Located at 219 5th in Puyallup, WA, the building benefits from a Walk Score of 87 out of 100, supporting convenient access to shopping, entertainment districts, and restaurants. This central setting can be useful for tenants who prefer to live near everyday destinations.
The unit mix makes Garden Square Apartments suitable for operators looking to manage a portfolio-style multifamily asset and accommodate both shorter stays and longer tenancies, as described for the community. With multiple 1- and 2-bedroom units plus a larger 4-bedroom layout, the property offers flexibility in leasing strategies while maintaining a consistent apartment-building framework. Please do not disturb tenants.
Key Highlights
- Renovated multifamily building (1963) in Puyallup, WA
- Unit mix includes two 1BD/1BA, eighteen 2BD/1BA, and one 4BD/1.5BA unit
- Walk Score of 87/100 for access to shopping, entertainment, and restaurants
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
$225,005
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
4.95%
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%
$4,500,100
$4.5M
Cap Rate 7%
$3,214,357
$3.2M
Cap Rate 9%
$2,500,056
$2.5M
Market Conditions
NOI Build-Up for 18,594 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
$441.8K $23.76/SF
− Vacancy
−$32.7K −$1.76/SF
EGI
$409.1K $22.00/SF
− OpEx
−$184.1K −$9.90/SF
NOI
$225.0K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$4,500,100
Cap Rate 7%
$3,214,357
Cap Rate 9%
$2,500,056
Alternative Uses
Best Use
Apartment 5plus
$3.21M
$2.81M – $3.75M
NOI $225,005 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.02M
$4.39M – $5.86M
NOI $351,543 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
1,474
Businesses Nearby
Explore this area
Business Placement
Demographics for 98372, WA
26,652
Population
10,701
Households
2.5
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
13.3 sq mi
ZIP Area
2,004
Density / Sq Mi
$100,316
Median Household Income
$55,892
Median Earnings
$1,745
Median Rent
$570,100
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?
Short term rental property - Renovated multifamily property with a mix of 1-, 2-, and 4-bedroom units in Puyallup, WA.
Where is this short term rental property located?
The property is located at 219 5TH Puyallup, WA.
What is the asking price?
The asking price for this property is $4,549,900.
What are key features of this property?
This property features: Renovated multifamily building (1963) in Puyallup, WA; Unit mix includes two 1BD/1BA, eighteen 2BD/1BA, and one 4BD/1.5BA unit; Walk Score of 87/100 for access to shopping, entertainment, and restaurants
