Building Details

Year Built 1993

Listed By: Graham McCarthy Realty Group Show Phone

Source: Grahammccarthyrealty

Added: Oct 20 Changed: Oct 21 Last Checked: Oct 23 at 6:27AM

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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

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Investment Insights

Based on property information with market context.

This 3,368-square-foot duplex, built in 1993, contains 6 bedrooms and 3 bathrooms across upper and lower living areas. Each level has its own exterior entrance and individual electrical meter. The lower floor includes 3 bedrooms, 1 bathroom, a full kitchen, direct outdoor access, and 9-foot ceilings. Updates to the upper level include LVP flooring, granite countertops, a large island, mini-split heating and cooling, a propane fireplace, a rebuilt deck, and a 50-year roof installed in 2025. Vaulted ceilings, expansive windows, and a covered front porch are also part of the home.

The property sits on a private dead-end drive with a circular driveway, partially fenced yard, mature landscaping, and cedar and fir trees. Hwy 167, Federal Way shopping, dining, and everyday amenities are described as minutes away. An adjacent parcel is available as part of a package deal.

Key Highlights

• 3,368 finished SF with 6 bedrooms and 3 bathrooms
• Separate upper and lower living areas, each with a private entrance and individual electrical meter
• Lower level includes 3 bedrooms, 1 bathroom, a full kitchen, direct exterior access, and 9‑foot ceilings

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,188

Cap Rate

5.36%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$883,760 $883.8K

Cap Rate 7%

$631,257 $631.3K

Cap Rate 9%

$490,978 $491.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,368 SF

Gross rent

$67.9K $20.16/SF

− Vacancy

−$4.8K −$1.42/SF

EGI

$63.1K $18.74/SF

− OpEx

−$18.9K −$5.62/SF

NOI

$44.2K $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%

$883,760

Cap Rate 7%

$631,257

Cap Rate 9%

$490,978

Alternative Uses

Best Use

Multifamily LT 5

$631.3K

$552.4K – $736.5K (±1% cap)

NOI $44,188 @ 7.0% cap · market cap 5.36%

Second Best

Apartment 5plus

$582.2K

$509.5K – $679.3K (±1% cap)

NOI $40,756 @ 7.0% cap · market cap 4.94%

Theoretical Best

Office A

$909.7K

$796.0K – $1.06M (±1% cap)

NOI $63,676 @ 7.0% cap · market cap 7.72%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

52

Businesses Nearby

Explore this area Business Placement

Demographics for 98372, WA

26,652

Population

10,701

Households

2.5

Avg Household Size

39

Median Age

28%

College-Educated

95%

High-School Grad

13.3 sq mi

ZIP Area

2,004

Density / Sq Mi

$100,316

Median Household Income

$55,892

Median Earnings

$1,745

Median Rent

$570,100

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two distinct residential levels have private entrances, individual electrical meters, and parking access.

Where is this duplex located?

The property is located at 415 118th Ave E Edgewood, 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: 3,368 finished SF with 6 bedrooms and 3 bathrooms; Separate upper and lower living areas, each with a private entrance and individual electrical meter; Lower level includes 3 bedrooms, 1 bathroom, a full kitchen, direct exterior access, and 9‑foot ceilings