Two-Unit Duplex with Flex
New
For Sale
$749,000
3801 124th St NW, Gig Harbor, WA 98332
Each side provides private outdoor space, vaulted ceilings, and a two-bedroom, two-bath configuration.
Property Size2,632 SF
Price / SF$284.57
Days on Market6
Property Features for 3801 124th St NW
General Information
Standard status
Active
Size
2,632 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
private patios
Building Details
Year Built
1994
Buildings
1
Tenancy
Multi
Listing Agency:
(425) 417-8036
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 3:39PM
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 1994, this 2632-square-foot duplex includes two separately arranged units, each with 2 bedrooms, 2 bathrooms, a flex room, and dedicated living and dining areas. Vaulted ceilings add volume to the interiors, while private patios extend each unit's usable space. The property is located at 3801 124th St NW in Gig Harbor, with access to Gig Harbor North and downtown Gig Harbor. Both units are occupied under month-to-month leases, providing an existing occupancy arrangement with flexibility for future use. The layout also supports owner occupancy of one unit while retaining the other for rental use.
Key Highlights
- Two‑unit duplex at 3801 124th St NW, Gig Harbor, WA 98332
- 2632 square feet across two units
- Each unit includes 2 bedrooms, 2 bathrooms, and a flex room
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
$34,532
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
4.61%
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%
$690,640
$690.6K
Cap Rate 7%
$493,314
$493.3K
Cap Rate 9%
$383,689
$383.7K
Market Conditions
NOI Build-Up for 2,632 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
$53.1K $20.16/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$49.3K $18.74/SF
− OpEx
−$14.8K −$5.62/SF
NOI
$34.5K $13.12/SF
Area
Pierce County, WA
Vacancy
7.03%
Lease Rate
$20.16 /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%
$690,640
Cap Rate 7%
$493,314
Cap Rate 9%
$383,689
Alternative Uses
Best Use
Multifamily LT 5
$493.3K
$431.7K – $575.5K
NOI $34,532 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$455.0K
$398.1K – $530.8K
NOI $31,850 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$710.9K
$622.0K – $829.4K
NOI $49,761 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Explore this area
Business Placement
Demographics for 98332, WA
20,704
Population
7,897
Households
2.6
Avg Household Size
47
Median Age
52%
College-Educated
97%
High-School Grad
20.7 sq mi
ZIP Area
1,000
Density / Sq Mi
$122,827
Median Household Income
$64,286
Median Earnings
$2,373
Median Rent
$686,900
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 - Each side provides private outdoor space, vaulted ceilings, and a two-bedroom, two-bath configuration.
Where is this duplex located?
The property is located at 3801 124th St NW Gig Harbor, WA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Two‑unit duplex at 3801 124th St NW, Gig Harbor, WA 98332; 2632 square feet across two units; Each unit includes 2 bedrooms, 2 bathrooms, and a flex room
