Vacant Two-Unit
For Sale
$649,000
2918 Ab S 7th St, Tacoma, WA 98405
Legal duplex with separate residences, updated systems, corner-lot placement, and alley access near Tacoma’s 6th Avenue District.
Property Size2,464 SF
Price / SF$263.39
Days on Market18
Property Features for 2918 Ab S 7th St
General Information
Standard status
Active
Size
2,464 SF
Property subtype
Multi-Family
Zoning
UR-2
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
covered front porch
mature landscaping
Building Details
Year Built
1906
Buildings
1
Listing Agency:
Real Broker LLC
(206) 926-3701
Listed By:
Charles Burnett
Source:
Katrinahalterman
Added: Aug 13
Changed: Aug 29
Last Checked: Aug 29 at 3:01PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This legally recognized duplex contains two vacant residences with distinct layouts. The main-level home measures 1,657 SF and includes three bedrooms and 1.5 baths, while the upper residence offers 807 SF with one bedroom and one bath. The property was built in 1906 and features a covered front porch, mature landscaping, updated plumbing and electrical service, newer electrical panels, newer windows throughout, and a roof less than 10 years old.
Set on a corner lot with alley access, the property is one block from Tacoma’s 6th Avenue District. The University of Puget Sound, Ruston Way, Point Defiance, downtown Tacoma, Hwy 16, and I-5 are also identified in the surrounding area. Both units are currently vacant and professionally staged, allowing for immediate occupancy or tenant selection.
Set on a corner lot with alley access, the property is one block from Tacoma’s 6th Avenue District. The University of Puget Sound, Ruston Way, Point Defiance, downtown Tacoma, Hwy 16, and I-5 are also identified in the surrounding area. Both units are currently vacant and professionally staged, allowing for immediate occupancy or tenant selection.
Key Highlights
- Two‑unit legal duplex with both residences vacant
- 1,657 SF main‑level unit with 3 bedrooms and 1.5 baths
- 807 SF upper unit with 1 bedroom and 1 bath
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
$32,464
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
5.00%
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%
$649,280
$649.3K
Cap Rate 7%
$463,771
$463.8K
Cap Rate 9%
$360,711
$360.7K
Market Conditions
NOI Build-Up for 2,464 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
$48.8K $19.80/SF
− Vacancy
−$2.4K −$0.98/SF
EGI
$46.4K $18.82/SF
− OpEx
−$13.9K −$5.65/SF
NOI
$32.5K $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%
$649,280
Cap Rate 7%
$463,771
Cap Rate 9%
$360,711
Alternative Uses
Best Use
Multifamily LT 5
$463.8K
$405.8K – $541.1K
NOI $32,464 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$403.0K
$352.7K – $470.2K
NOI $28,213 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$757.4K
$662.7K – $883.6K
NOI $53,015 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
Explore this area
Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
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 - Legal duplex with separate residences, updated systems, corner-lot placement, and alley access near Tacoma’s 6th Avenue District.
Where is this duplex located?
The property is located at 2918 Ab S 7th St Tacoma, WA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two‑unit legal duplex with both residences vacant; 1,657 SF main‑level unit with 3 bedrooms and 1.5 baths; 807 SF upper unit with 1 bedroom and 1 bath
