Updated Triplex with Oversized
For Sale
$825,000
3609 North 26th Street, Tacoma, WA 98407
Three-unit property with updated interiors, in-unit laundry, private outdoor areas, and a large detached garage.
Property Size2,256 SF
Price / SF$365.69
Days on Market58
Property Features for 3609 North 26th Street
General Information
Standard status
Active
Size
2,256 SF
Property subtype
Residential Income
Net Operating Income
$54,147
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,853
Amenities
washer/dryer
fenced yard
deck
0, 0, 0, 0
No
No, None
Yes, Forced Air
See Remarks
Ceramic Tile, Vinyl, Carpet
Composition
Cement/Concrete, Wood
Fully Fenced, Partially Fenced
Building Details
Year Built
1918
Listing Agency:
Windermere Prof Partners
(253) 851-4511
Listed By:
Barb Magnuson · License #9942
Source:
Compass
Added: Jul 7
Changed: Aug 31
Last Checked: Aug 31 at 9:56PM
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 1918 triplex contains 2,256 square feet across three spacious units, each with its own washer and dryer. The interiors have been updated with ceramic tile, vinyl, and carpet finishes, while forced-air heating serves the property. A large two-car oversized garage includes a workbench area, creating additional functional space beyond the residential units.
The property sits at 3609 North 26th Street in Tacoma’s Proctor District, two blocks from Proctor. A fully or partially fenced yard and decks provide private outdoor areas. The surrounding area includes the Saturday farmers market, cafes, wine bar, dining, Met Market, and UPS within walking distance. The upper unit is occupied under a month-to-month tenancy. The stated zoning may allow additional units or conversion of the existing garage to a DADU, subject to buyer verification.
The property sits at 3609 North 26th Street in Tacoma’s Proctor District, two blocks from Proctor. A fully or partially fenced yard and decks provide private outdoor areas. The surrounding area includes the Saturday farmers market, cafes, wine bar, dining, Met Market, and UPS within walking distance. The upper unit is occupied under a month-to-month tenancy. The stated zoning may allow additional units or conversion of the existing garage to a DADU, subject to buyer verification.
Key Highlights
- Three‑unit triplex totaling 2,256 square feet
- Built in 1918 with updated interiors
- Washer and dryer in 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
$29,724
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
3.60%
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%
$594,480
$594.5K
Cap Rate 7%
$424,629
$424.6K
Cap Rate 9%
$330,267
$330.3K
Market Conditions
NOI Build-Up for 2,256 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
$44.7K $19.80/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$42.5K $18.82/SF
− OpEx
−$12.7K −$5.65/SF
NOI
$29.7K $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%
$594,480
Cap Rate 7%
$424,629
Cap Rate 9%
$330,267
Alternative Uses
Best Use
Multifamily LT 5
$424.6K
$371.6K – $495.4K
NOI $29,724 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$369.0K
$322.9K – $430.5K
NOI $25,831 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$693.4K
$606.8K – $809.0K
NOI $48,540 @ 7.0% cap · market cap 5.88%
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
313
Businesses Nearby
Explore this area
Business Placement
Demographics for 98407, WA
21,931
Population
10,545
Households
2.1
Avg Household Size
45
Median Age
50%
College-Educated
96%
High-School Grad
5.4 sq mi
ZIP Area
4,061
Density / Sq Mi
$108,905
Median Household Income
$70,157
Median Earnings
$1,847
Median Rent
$613,000
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 property with updated interiors, in-unit laundry, private outdoor areas, and a large detached garage.
Where is this triplex located?
The property is located at 3609 North 26th Street Tacoma, WA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Three‑unit triplex totaling 2,256 square feet; Built in 1918 with updated interiors; Washer and dryer in each unit
