Renovated Duplex with Individual
For Sale
$580,000
2604 92nd Street S A/B, Lakewood, WA 98499
Renovated two-unit property with one occupied unit, one vacant unit, and dedicated parking for each residence.
Property Size2,240 SF
Price / SF$258.93
Days on Market31
Property Features for 2604 92nd Street S A/B
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.75BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
laundry hookups
washer and dryer
Building Details
Year Built
1970
Buildings
1
Listing Agency:
COMPASS
(253) 565-1189
Listed By:
Jim Swanson · License #21028671
Source:
Theinspiregroup
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 29 at 11:47AM
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
Investment Insights
Based on property information with market context.
This 2,240-square-foot duplex includes two renovated residences within a 1970 building. The upper unit is vacant and measures approximately 1,284 square feet, with 3 bedrooms and 1.75 bathrooms. The lower unit has 2 bedrooms and 1 bathroom and is occupied by a tenant. Each residence includes a one-car garage, laundry hookups, a washer and dryer, and onsite parking.
The property passed Lakewood’s Rental Housing Safety Program inspection. Tenants pay their own utilities. The address is 2604 92nd Street S A/B in Lakewood, Washington, near shopping, schools, major freeways, and JBLM. The upper unit has remained vacant since renovation, while the lower unit provides current tenancy. The source information projects a 5.5% cap rate based on market rents for the upper residence.
The property passed Lakewood’s Rental Housing Safety Program inspection. Tenants pay their own utilities. The address is 2604 92nd Street S A/B in Lakewood, Washington, near shopping, schools, major freeways, and JBLM. The upper unit has remained vacant since renovation, while the lower unit provides current tenancy. The source information projects a 5.5% cap rate based on market rents for the upper residence.
Key Highlights
- 2,240 SF duplex with two renovated units
- Upper unit: approximately 1,284 SF, 3 bedrooms, and 1.75 bathrooms
- Lower unit has 2 bedrooms, 1 bathroom, and an existing tenant
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
$29,389
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
5.07%
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%
$587,780
$587.8K
Cap Rate 7%
$419,843
$419.8K
Cap Rate 9%
$326,544
$326.5K
Market Conditions
NOI Build-Up for 2,240 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
$45.2K $20.16/SF
− Vacancy
−$3.2K −$1.42/SF
EGI
$42.0K $18.74/SF
− OpEx
−$12.6K −$5.62/SF
NOI
$29.4K $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%
$587,780
Cap Rate 7%
$419,843
Cap Rate 9%
$326,544
Alternative Uses
Best Use
Multifamily LT 5
$419.8K
$367.4K – $489.8K
NOI $29,389 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$387.2K
$338.8K – $451.8K
NOI $27,106 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$605.0K
$529.4K – $705.8K
NOI $42,350 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
730
Businesses Nearby
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
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 - Renovated two-unit property with one occupied unit, one vacant unit, and dedicated parking for each residence.
Where is this duplex located?
The property is located at 2604 92nd Street S A/B Lakewood, WA.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 2,240 SF duplex with two renovated units; Upper unit: approximately 1,284 SF, 3 bedrooms, and 1.75 bathrooms; Lower unit has 2 bedrooms, 1 bathroom, and an existing tenant
