Two-Unit Duplex with Flex
For Sale
$719,000
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$273.18
Days on Market52
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
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Aug 24
Changed: Oct 2
Last Checked: Oct 12 at 8:06PM
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 / Yr
$34,532
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
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
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 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 4.80%
Second Best
Apartment 5plus
$455.0K
$398.1K – $530.8K
NOI $31,850 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$710.9K
$622.0K – $829.4K
NOI $49,761 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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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 - 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 $719,000.
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
