Brick Duplex with Attached
For Sale
$599,950
3427 192nd St E, Tacoma, WA 98446
Two-unit income property with refreshed interiors, fireplaces, and attached garages.
Property Size1,932 SF
Lot Size1.54 Acres
Price / SF$310.53
Days on Market8
Property Features for 3427 192nd St E
General Information
Standard status
Active
Size
1,932 SF
Total Parking Spaces
2
Lot size
1.54 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,875
Amenities
fireplaces
forced-air heat
vinyl windows
dishwasher
Building Details
Year Built
1977
Construction
solid brick
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Sep 20
Changed: Sep 24
Last Checked: Sep 26 at 7:14AM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
Built in 1977, this 1,932-square-foot brick duplex includes two separate 2-bedroom, 1.5-bath units. Both residences have been refreshed with new carpet and paint, while fireplaces, forced-air heat, vinyl windows, and dishwashers add to the existing improvements. Each unit also includes an attached 1-car garage, and the roof was replaced in 2018.
The property occupies 1.54 acres at 3427 192nd St E in Tacoma. Its flat, open land extends beyond the duplex and provides additional site area for future planning. The property has a history of consistently low vacancy, supporting its existing residential income use.
The property occupies 1.54 acres at 3427 192nd St E in Tacoma. Its flat, open land extends beyond the duplex and provides additional site area for future planning. The property has a history of consistently low vacancy, supporting its existing residential income use.
Key Highlights
- Two 2‑bedroom, 1.5‑bath units in a brick duplex
- 1,932 square feet on 1.54 acres
- Attached 1‑car garage for each unit
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
$25,455
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
4.24%
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%
$509,100
$509.1K
Cap Rate 7%
$363,643
$363.6K
Cap Rate 9%
$282,833
$282.8K
Market Conditions
NOI Build-Up for 1,932 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
$38.3K $19.80/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$36.4K $18.82/SF
− OpEx
−$10.9K −$5.65/SF
NOI
$25.5K $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%
$509,100
Cap Rate 7%
$363,643
Cap Rate 9%
$282,833
Alternative Uses
Best Use
Multifamily LT 5
$363.6K
$318.2K – $424.3K
NOI $25,455 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$316.0K
$276.5K – $368.7K
NOI $22,121 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$593.8K
$519.6K – $692.8K
NOI $41,569 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 98446, WA
12,800
Population
5,447
Households
2.3
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
10.9 sq mi
ZIP Area
1,174
Density / Sq Mi
$101,130
Median Household Income
$54,940
Median Earnings
$1,944
Median Rent
$459,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit income property with refreshed interiors, fireplaces, and attached garages.
Where is this duplex located?
The property is located at 3427 192nd St E 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 2‑bedroom, 1.5‑bath units in a brick duplex; 1,932 square feet on 1.54 acres; Attached 1‑car garage for each unit
