Updated Duplex with
For Sale
$450,000
29 Nevada, Tacoma, WA 98409
Vacant units feature updated one-bedroom, one-bath layouts with individual yard space and room for off-street parking.
Property Size1,300 SF
Price / SF$346.15
Days on Market30
Property Features for 29 Nevada
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
a little refresh
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1943
Buildings
1
Listing Agency:
Person Real Estate Group LLC
(360) 825-9090
Listed By:
Dennis Hintz
Source:
Montgomeryht
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 29 at 12:38PM
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 Person Real Estate Group LLC
Investment Insights
Based on property information with market context.
This duplex contains 1,300 SF across two residential units, with each side configured as one bedroom and one bath. Both units are vacant and have been updated, offering a straightforward opportunity for an owner-occupant or investor seeking a two-unit property. Each side also includes a decent-sized yard, and some off-street parking is already in place.
Built in 1943, the property is located at 29 Nevada in Tacoma, WA 98409, just north of a mall and near area amenities. The yard configuration provides additional room for parking beyond the spaces currently available, subject to the preferred layout.
Built in 1943, the property is located at 29 Nevada in Tacoma, WA 98409, just north of a mall and near area amenities. The yard configuration provides additional room for parking beyond the spaces currently available, subject to the preferred layout.
Key Highlights
- Two‑unit duplex with 1,300 SF total
- Each unit has 1 bedroom and 1 bath
- Both units are currently vacant
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
$17,128
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
3.81%
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%
$342,560
$342.6K
Cap Rate 7%
$244,686
$244.7K
Cap Rate 9%
$190,311
$190.3K
Market Conditions
NOI Build-Up for 1,300 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
$25.7K $19.80/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$24.5K $18.82/SF
− OpEx
−$7.3K −$5.65/SF
NOI
$17.1K $13.18/SF
Area
Tacoma, WA
Vacancy
4.94%
Lease Rate
$19.80 /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%
$342,560
Cap Rate 7%
$244,686
Cap Rate 9%
$190,311
Alternative Uses
Best Use
Multifamily LT 5
$244.7K
$214.1K – $285.5K
NOI $17,128 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$212.6K
$186.1K – $248.1K
NOI $14,885 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$399.6K
$349.6K – $466.2K
NOI $27,971 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
910
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
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 - Vacant units feature updated one-bedroom, one-bath layouts with individual yard space and room for off-street parking.
Where is this duplex located?
The property is located at 29 Nevada Tacoma, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,300 SF total; Each unit has 1 bedroom and 1 bath; Both units are currently vacant
