Renovated
For Sale
$469,950
3703 S Manitou, Tacoma, WA 98409
Two refreshed residences provide practical layouts with updated finishes and essential building systems.
Property Size1,344 SF
Price / SF$349.67
Days on Market124
Property Features for 3703 S Manitou
General Information
Standard status
Active
Size
1,344 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Net Operating Income
$26,802
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,158
Amenities
Laminate
Yes
No
1
Electric
Curbs,Paved,Sidewalk
Public
4
0.1
Wood,Wood Products
1344
Building Details
Building Size
1,344 SF
Year Built
1966
Stories
1
Listing Agency:
Realty One Group Pacifica
(360) 798-6002
Listed By:
Cindy Shannon Anderson
(360) 798-6002
Source:
Premierepropertygroup
Added: Apr 16
Changed: Aug 17
Last Checked: Aug 17 at 4:08AM
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 Realty One Group Pacifica
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bath residences within a 1,344-square-foot building. Both units include laminate flooring, updated appliances, kitchen countertops, bathroom fixtures, windows, doors, wall heaters, water heaters, and electrical panels. The property also includes four paved off-street parking spaces and public utilities.
Major capital improvements include a sewer line replacement completed in 2023 and a roof and gutter replacement completed in 2022. Additional upgrades were completed in 2017. Built in 1966, the property has wood and wood-product construction and is located on S Manitou in Tacoma, with freeway access available for commuting.
Major capital improvements include a sewer line replacement completed in 2023 and a roof and gutter replacement completed in 2022. Additional upgrades were completed in 2017. Built in 1966, the property has wood and wood-product construction and is located on S Manitou in Tacoma, with freeway access available for commuting.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per residence
- 1,344‑square‑foot building with four paved off‑street parking spaces
- Sewer line replaced in 2023
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
$17,708
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
3.77%
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%
$354,160
$354.2K
Cap Rate 7%
$252,971
$253.0K
Cap Rate 9%
$196,756
$196.8K
Market Conditions
NOI Build-Up for 1,344 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
$26.6K $19.80/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$25.3K $18.82/SF
− OpEx
−$7.6K −$5.65/SF
NOI
$17.7K $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%
$354,160
Cap Rate 7%
$252,971
Cap Rate 9%
$196,756
Alternative Uses
Best Use
Multifamily LT 5
$253.0K
$221.4K – $295.1K
NOI $17,708 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$219.8K
$192.4K – $256.5K
NOI $15,389 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$413.1K
$361.5K – $482.0K
NOI $28,918 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
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?
Duplex - Two refreshed residences provide practical layouts with updated finishes and essential building systems.
Where is this duplex located?
The property is located at 3703 S Manitou Tacoma, WA.
What is the asking price?
The asking price for this property is $469,950.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per residence; 1,344‑square‑foot building with four paved off‑street parking spaces; Sewer line replaced in 2023
