Historic Duplex on Corner
For Sale
$550,000
246 4th Ave NW, Puyallup, WA 98371
Two two-bedroom units offer laundry hookups and Commercial Business District zoning.
Property Size1,864 SF
Price / SF$295.06
Days on Market10
Property Features for 246 4th Ave NW
General Information
Standard status
Active
Size
1,864 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
Commercial Business District
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
washer and dryer hookups
fully fenced yard
Building Details
Year Built
1906
Buildings
1
Listing Agency:
Compass Washington
(425) 417-8036
Listed By:
Graham McCarthy Realty Group · License #111144
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 9:04AM
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 Compass Washington
Investment Insights
Based on property information with market context.
Built in 1906, this duplex contains two residential units, each with 2 bedrooms and 1 bathroom. Both units include washer and dryer hookups, while the lower unit retains hardwood floors beneath the carpet. The property measures 1,864 square feet and sits on a large corner lot with a fully fenced yard, alley access, a one-car detached garage, and a one-car covered carport.
The property is located at 246 4th Ave NW in Downtown Puyallup, near shops, restaurants, seasonal markets, Pioneer Park, and local events. The Sounder Train Station, freeway access, schools, Good Samaritan Hospital, and medical clinics are also described as minutes away. Commercial Business District zoning may support future uses, subject to buyer verification of permitted uses.
The property is located at 246 4th Ave NW in Downtown Puyallup, near shops, restaurants, seasonal markets, Pioneer Park, and local events. The Sounder Train Station, freeway access, schools, Good Samaritan Hospital, and medical clinics are also described as minutes away. Commercial Business District zoning may support future uses, subject to buyer verification of permitted uses.
Key Highlights
- Two‑unit duplex with 1,864 square feet, built in 1906
- Each unit has 2 bedrooms and 1 bathroom
- Commercial Business District zoning; buyer to verify permitted uses
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
$24,456
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
4.45%
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%
$489,120
$489.1K
Cap Rate 7%
$349,371
$349.4K
Cap Rate 9%
$271,733
$271.7K
Market Conditions
NOI Build-Up for 1,864 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
$37.6K $20.16/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$34.9K $18.74/SF
− OpEx
−$10.5K −$5.62/SF
NOI
$24.5K $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 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%
$489,120
Cap Rate 7%
$349,371
Cap Rate 9%
$271,733
Alternative Uses
Best Use
Multifamily LT 5
$349.4K
$305.7K – $407.6K
NOI $24,456 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$322.2K
$282.0K – $375.9K
NOI $22,556 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$503.4K
$440.5K – $587.4K
NOI $35,241 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
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?
Duplex - Two two-bedroom units offer laundry hookups and Commercial Business District zoning.
Where is this duplex located?
The property is located at 246 4th Ave NW Puyallup, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,864 square feet, built in 1906; Each unit has 2 bedrooms and 1 bathroom; Commercial Business District zoning; buyer to verify permitted uses
