Three-Unit Multifamily
For Sale
$799,950
409 S 30th St, Tacoma, WA 98402
Two homes on one parcel feature updated kitchens, a detached rear residence, and alley-accessed parking.
Property Size2,384 SF
Price / SF$335.55
Days on Market33
Property Features for 409 S 30th St
General Information
Standard status
Active
Size
2,384 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1890
Buildings
2
Listing Agency:
Morrison House Sotheby's Intl
Listed By:
Michael Morrison · License #50025
(253) 581-5100
Source:
Montgomeryht
Added: Aug 9
Changed: Sep 8
Last Checked: Sep 9 at 9:33PM
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 Morrison House Sotheby's Intl
Investment Insights
Based on property information with market context.
This multifamily property includes two houses on one parcel with three rental units. The front home contains Unit 411A and Unit 411B and has a newer roof, PEX plumbing, updated electrical, hardwood flooring, newer carpeting, and new double-pane vinyl windows. Its kitchens have been updated with stainless-steel appliances, while high ceilings add character to the interiors.
Unit 409 is a detached rear home with alley access. The property also includes a garage with two separate stalls, providing on-site parking. The location offers proximity to UW Tacoma, downtown Tacoma, the Tacoma Dome, Highway 705, I-5, and area services to the north and south.
Unit 409 is a detached rear home with alley access. The property also includes a garage with two separate stalls, providing on-site parking. The location offers proximity to UW Tacoma, downtown Tacoma, the Tacoma Dome, Highway 705, I-5, and area services to the north and south.
Key Highlights
- Three rental units across two houses on one parcel
- Front home includes Unit 411A and Unit 411B
- Front residence has a newer roof, PEX plumbing, updated electrical, and new double‑pane vinyl windows
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
$27,297
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
3.41%
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%
$545,940
$545.9K
Cap Rate 7%
$389,957
$390.0K
Cap Rate 9%
$303,300
$303.3K
Market Conditions
NOI Build-Up for 2,384 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
$52.4K $21.96/SF
− Vacancy
−$2.7K −$1.14/SF
EGI
$49.6K $20.82/SF
− OpEx
−$22.3K −$9.37/SF
NOI
$27.3K $11.45/SF
Area
Tacoma, WA
Vacancy
5.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$545,940
Cap Rate 7%
$389,957
Cap Rate 9%
$303,300
Alternative Uses
Best Use
Apartment 5plus
$390.0K
$341.2K – $455.0K
NOI $27,297 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$732.8K
$641.2K – $854.9K
NOI $51,294 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
972
Businesses Nearby
Explore this area
Business Placement
Demographics for 98402, WA
8,053
Population
4,788
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
6,711
Density / Sq Mi
$54,712
Median Household Income
$43,145
Median Earnings
$1,478
Median Rent
$558,100
Median Home Value
Check the figures for this property
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?
Multifamily property - Two homes on one parcel feature updated kitchens, a detached rear residence, and alley-accessed parking.
Where is this multifamily property located?
The property is located at 409 S 30th St Tacoma, WA.
What is the asking price?
The asking price for this property is $799,950.
What are key features of this property?
This property features: Three rental units across two houses on one parcel; Front home includes Unit 411A and Unit 411B; Front residence has a newer roof, PEX plumbing, updated electrical, and new double‑pane vinyl windows
