Duplex with Attached
For Sale
$879,000
3023 Bridgeport Way W # B, University Place, WA 98466
Two-unit property with one vacant residence, recent exterior updates, and access to nearby shopping, dining, parks, and Tacoma.
Property Size3,500 SF
Price / SF$251.14
Days on Market155
Property Features for 3023 Bridgeport Way W # B
General Information
Standard status
Active
Size
3,500 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Net Operating Income
$17,360
Taxes and HOA fees
Annual Taxes
$9,578
Amenities
Yes
No
2
Electric
7
3
0.5878
Wood,Wood Products
3500
4
Building Details
Building Size
3,500 SF
Year Built
1975
Stories
2
Listing Agency:
eXp Realty
(503) 914-7123
Listed By:
Bonnie Degner
(503) 914-7123
Source:
Premierepropertygroup
Added: Mar 31
Changed: Aug 31
Last Checked: Aug 31 at 12:37PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 3,500-square-foot duplex, built in 1975, offers two residential units with spacious layouts, attached garages, and a private setting. Unit B is vacant, providing immediate flexibility for occupancy or leasing. Recent property improvements include exterior paint, a newer furnace, and a water heater.
The property is in University Place near UP Town Center, Chambers Bay, parks, shopping, dining, Tacoma, and JBLM. Its two-unit configuration and on-site garage parking support both owner-occupancy and rental use, subject to applicable requirements.
The property is in University Place near UP Town Center, Chambers Bay, parks, shopping, dining, Tacoma, and JBLM. Its two-unit configuration and on-site garage parking support both owner-occupancy and rental use, subject to applicable requirements.
Key Highlights
- 3,500‑square‑foot duplex with two residential units
- Unit B is vacant for occupancy or leasing
- Attached garages serve the units
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
$45,920
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
5.22%
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%
$918,400
$918.4K
Cap Rate 7%
$656,000
$656.0K
Cap Rate 9%
$510,222
$510.2K
Market Conditions
NOI Build-Up for 3,500 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
$70.6K $20.16/SF
− Vacancy
−$5.0K −$1.42/SF
EGI
$65.6K $18.74/SF
− OpEx
−$19.7K −$5.62/SF
NOI
$45.9K $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%
$918,400
Cap Rate 7%
$656,000
Cap Rate 9%
$510,222
Alternative Uses
Best Use
Multifamily LT 5
$656.0K
$574.0K – $765.3K
NOI $45,920 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$605.0K
$529.4K – $705.9K
NOI $42,353 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$945.3K
$827.2K – $1.10M
NOI $66,172 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,465
Businesses Nearby
Explore this area
Business Placement
Demographics for 98466, WA
29,769
Population
12,773
Households
2.3
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
6.2 sq mi
ZIP Area
4,801
Density / Sq Mi
$94,598
Median Household Income
$53,823
Median Earnings
$1,724
Median Rent
$564,400
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-unit property with one vacant residence, recent exterior updates, and access to nearby shopping, dining, parks, and Tacoma.
Where is this duplex located?
The property is located at 3023 Bridgeport Way W # B University Place, WA.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: 3,500‑square‑foot duplex with two residential units; Unit B is vacant for occupancy or leasing; Attached garages serve the units
