Brick Duplex with Detached
New
For Sale
$599,950
3218 3220 N 21st St, Tacoma, WA 98406
Two-bedroom residences each include a private patio, fenced yard, basement space, and alley-accessed garage.
Property Size1,770 SF
Price / SF$338.95
Days on Market2
Property Features for 3218 3220 N 21st St
General Information
Standard status
Active
Size
1,770 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Amenities
patio
covered rear entry
fenced backyard
hardwood floors
unfinished basement
Building Details
Year Built
1949
Buildings
1
Construction
brick
Listing Agency:
Compass
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Oct 4
Last Checked: Oct 4 at 2:26PM
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 1,770-square-foot duplex contains two residences, each with two bedrooms and one full bathroom. Both units have unfinished basement areas, hardwood floors, and new carpet. Exterior features include partially covered patios, covered rear entrances, and fenced backyards. A detached one-car garage serves each residence, with access from the alley. The brick building was constructed in 1949; its roof was replaced in 2014, and the furnaces and water heaters are newer.
The property is in Tacoma’s Historical District, in the North Tacoma/UPS area. Both units are vacant. The layout provides two separate residential spaces within one duplex.
The property is in Tacoma’s Historical District, in the North Tacoma/UPS area. Both units are vacant. The layout provides two separate residential spaces within one duplex.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- 1,770 square feet; built in 1949
- Detached one‑car garage for each unit; alley access
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
$23,320
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
3.89%
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%
$466,400
$466.4K
Cap Rate 7%
$333,143
$333.1K
Cap Rate 9%
$259,111
$259.1K
Market Conditions
NOI Build-Up for 1,770 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
$35.0K $19.80/SF
− Vacancy
−$1.7K −$0.98/SF
EGI
$33.3K $18.82/SF
− OpEx
−$10.0K −$5.65/SF
NOI
$23.3K $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%
$466,400
Cap Rate 7%
$333,143
Cap Rate 9%
$259,111
Alternative Uses
Best Use
Multifamily LT 5
$333.1K
$291.5K – $388.7K
NOI $23,320 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$289.5K
$253.3K – $337.8K
NOI $20,266 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$544.0K
$476.0K – $634.7K
NOI $38,083 @ 7.0% cap · market cap 6.35%
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
895
Businesses Nearby
Explore this area
Business Placement
Demographics for 98406, WA
22,768
Population
10,748
Households
2.1
Avg Household Size
42
Median Age
48%
College-Educated
96%
High-School Grad
4.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$104,761
Median Household Income
$59,659
Median Earnings
$1,677
Median Rent
$594,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom residences each include a private patio, fenced yard, basement space, and alley-accessed garage.
Where is this duplex located?
The property is located at 3218 3220 N 21st St Tacoma, WA.
What is the asking price?
The asking price for this property is $599,950.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; 1,770 square feet; built in 1949; Detached one‑car garage for each unit; alley access
