Updated Brick
For Sale
$735,000
3417 N 8th St, Tacoma, WA 98406
Two separately metered living areas include distinct kitchens, bedrooms, and baths.
Property Size2,732 SF
Price / SF$269.03
Days on Market20
Property Features for 3417 N 8th St
General Information
Standard status
Active
Size
2,732 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1929
Buildings
1
Construction
Craftsman
Listing Agency:
Windermere Prof Partners
(253) 752-7777
Listed By:
Matt Hume · License #111144
Source:
Seattlepropertysource
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 29 at 10:29AM
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 Windermere Prof Partners
Investment Insights
Based on property information with market context.
This 2,732-SF duplex, built in 1929, provides two separate living areas within an all-brick Craftsman-style home. The main level includes a living and dining area, two bedrooms, a remodeled kitchen, full bath, breakfast nook, built-ins, and prefinished hardwood flooring. The upper level has its own meter, two more bedrooms, an updated bath, and a second kitchen.
Recent improvements include a 2024 roof, tuckpointed brick, replacement fencing, double-pane vinyl windows, a new furnace, copper and Pex plumbing, and mostly updated electrical. The property also features a covered front porch and a backyard finished with low-maintenance turf. Its Tacoma setting offers access to the 6th Ave and Proctor districts.
Recent improvements include a 2024 roof, tuckpointed brick, replacement fencing, double-pane vinyl windows, a new furnace, copper and Pex plumbing, and mostly updated electrical. The property also features a covered front porch and a backyard finished with low-maintenance turf. Its Tacoma setting offers access to the 6th Ave and Proctor districts.
Key Highlights
- 2,732‑SF duplex built in 1929
- Two separately metered living areas with individual kitchens
- Four total bedrooms and two updated full baths
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
$35,995
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
4.90%
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%
$719,900
$719.9K
Cap Rate 7%
$514,214
$514.2K
Cap Rate 9%
$399,944
$399.9K
Market Conditions
NOI Build-Up for 2,732 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
$54.1K $19.80/SF
− Vacancy
−$2.7K −$0.98/SF
EGI
$51.4K $18.82/SF
− OpEx
−$15.4K −$5.65/SF
NOI
$36.0K $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%
$719,900
Cap Rate 7%
$514,214
Cap Rate 9%
$399,944
Alternative Uses
Best Use
Multifamily LT 5
$514.2K
$449.9K – $599.9K
NOI $35,995 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$446.9K
$391.0K – $521.4K
NOI $31,281 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$839.7K
$734.8K – $979.7K
NOI $58,782 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
842
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered living areas include distinct kitchens, bedrooms, and baths.
Where is this duplex located?
The property is located at 3417 N 8th St Tacoma, WA.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: 2,732‑SF duplex built in 1929; Two separately metered living areas with individual kitchens; Four total bedrooms and two updated full baths
