Renovated Three-Unit
For Sale
$599,000
232 4th Ave NW, Puyallup, WA 98371
Three residences are arranged across two lower-level units and one upper-level unit.
Property Size1,830 SF
Price / SF$327.32
Days on Market47
Property Features for 232 4th Ave NW
General Information
Standard status
Active
Size
1,830 SF
Property subtype
Multi-Family
Zoning
CBD
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1900
Year Renovated
2016
Buildings
1
Listing Agency:
The Real Estate Firm
(425) 633-3230
Listed By:
Jenn Rees
Source:
Larissabutlerrealty
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 29 at 12:06PM
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 The Real Estate Firm
Investment Insights
Based on property information with market context.
Located at 232 4th Ave NW, this 1,830-square-foot triplex contains three residences, with two units on the lower level and one above. The property was fully renovated in 2016, combining updated interiors with the building’s original character.
Electrical and plumbing systems were replaced throughout in 2017. The lot carries CBD zoning, subject to buyer verification. The property is near the Sound Transit station and situated in a walkable downtown setting.
Electrical and plumbing systems were replaced throughout in 2017. The lot carries CBD zoning, subject to buyer verification. The property is near the Sound Transit station and situated in a walkable downtown setting.
Key Highlights
- 1,830‑square‑foot triplex with three residential units
- Two units downstairs and one unit upstairs
- Fully renovated in 2016
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
$24,009
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
4.01%
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%
$480,180
$480.2K
Cap Rate 7%
$342,986
$343.0K
Cap Rate 9%
$266,767
$266.8K
Market Conditions
NOI Build-Up for 1,830 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
$36.9K $20.16/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$34.3K $18.74/SF
− OpEx
−$10.3K −$5.62/SF
NOI
$24.0K $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%
$480,180
Cap Rate 7%
$342,986
Cap Rate 9%
$266,767
Alternative Uses
Best Use
Multifamily LT 5
$343.0K
$300.1K – $400.2K
NOI $24,009 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$316.4K
$276.8K – $369.1K
NOI $22,145 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$494.3K
$432.5K – $576.6K
NOI $34,598 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,469
Businesses Nearby
Explore this area
Business Placement
Demographics for 98371, WA
23,965
Population
9,937
Households
2.4
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.8 sq mi
ZIP Area
2,031
Density / Sq Mi
$97,290
Median Household Income
$53,957
Median Earnings
$1,654
Median Rent
$515,500
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?
Triplex - Three residences are arranged across two lower-level units and one upper-level unit.
Where is this triplex located?
The property is located at 232 4th Ave NW Puyallup, WA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,830‑square‑foot triplex with three residential units; Two units downstairs and one unit upstairs; Fully renovated in 2016
