Updated Triplex With In-Unit
For Sale
$750,000
3119 Bridgeport Way W, University Place, WA 98466
Three-unit residential property offering studio accommodations through a four-bedroom home, plus upgraded interiors and on-site RV parking.
Property Size2,330 SF
Days on Market124
Property Features for 3119 Bridgeport Way W
General Information
Standard status
Active
Size
2,330 SF
Total Parking Spaces
10
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,176
Amenities
in-unit washer/dryers
high speed internet
partially fenced
RV parking
Building Details
Building Size
2,330 SF
Year Built
1945
Units
3
Listing Agency:
TS Property Management
(253) 512-1000
Listed By:
Dan Yoo
(253) 512-1000
Source:
Multifamilyspecialist
Added: Apr 6
Changed: Aug 5
Last Checked: Aug 6 at 12:52PM
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 TS Property Management
Investment Insights
Based on property information with market context.
Built in 1945, this triplex contains three residential units with a range of layouts, from studio accommodations to a four-bedroom home. Interior improvements include luxury vinyl plank flooring, updated appliances, and washer and dryer sets within the units. The property also provides high-speed internet and partial fencing.
Located at 3119 Bridgeport Way W in University Place, Washington, the property includes RV parking. Its varied unit configuration and recent interior updates provide a clearly defined multifamily asset with differentiated residential layouts.
Located at 3119 Bridgeport Way W in University Place, Washington, the property includes RV parking. Its varied unit configuration and recent interior updates provide a clearly defined multifamily asset with differentiated residential layouts.
Key Highlights
- Three‑unit triplex with layouts ranging from studios to a four‑bedroom home
- Recent interior updates include LVP flooring and appliances
- Washer and dryer sets located within 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
$30,569
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
4.08%
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%
$611,380
$611.4K
Cap Rate 7%
$436,700
$436.7K
Cap Rate 9%
$339,656
$339.7K
Market Conditions
NOI Build-Up for 2,330 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
$47.0K $20.16/SF
− Vacancy
−$3.3K −$1.42/SF
EGI
$43.7K $18.74/SF
− OpEx
−$13.1K −$5.62/SF
NOI
$30.6K $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%
$611,380
Cap Rate 7%
$436,700
Cap Rate 9%
$339,656
Alternative Uses
Best Use
Multifamily LT 5
$436.7K
$382.1K – $509.5K
NOI $30,569 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$402.8K
$352.4K – $469.9K
NOI $28,195 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$629.3K
$550.7K – $734.2K
NOI $44,052 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,276
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?
Triplex - Three-unit residential property offering studio accommodations through a four-bedroom home, plus upgraded interiors and on-site RV parking.
Where is this triplex located?
The property is located at 3119 Bridgeport Way W University Place, WA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit triplex with layouts ranging from studios to a four‑bedroom home; Recent interior updates include LVP flooring and appliances; Washer and dryer sets located within the units
