Two-Unit Duplex with
New
For Sale
$705,950
416 170th St S, Spanaway, WA 98387
Vacant two-residence property with private garage parking and paved street access.
Property Size2,802 SF
Lot Size0.24 Acres
Price / SF$251.95
Days on Market3
Property Features for 416 170th St S
General Information
Standard status
Active
Size
2,802 SF
Net Rentable
2,802 SF
Total Parking Spaces
6
Lot size
0.24 Acres
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2006
Listed By:
Charles and Janette Wilcox
(253) 256-1721
Source:
Wilcoxrealestatewa
Added: Sep 6
Last Checked: Sep 6 at 6:35AM
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 Charles and Janette Wilcox
Investment Insights
Based on property information with market context.
Built in 2006, this duplex contains two three-bedroom, two-bath units totaling 2,802 square feet of rentable space. Each residence measures approximately 1,401 square feet and includes a fireplace, range/oven, refrigerator, and dishwasher. Interior finishes include laminate hardwood and wall-to-wall carpet, while the exterior features wood product siding and a composition roof.
The property occupies a 10,650-square-foot lot with paved street access, public water, and septic service. Parking includes four garage spaces and two uncovered spaces. Both units are currently vacant, providing flexibility for an owner occupant or investor. The duplex is located near Pacific Ave with access to surrounding Spanaway amenities.
The property occupies a 10,650-square-foot lot with paved street access, public water, and septic service. Parking includes four garage spaces and two uncovered spaces. Both units are currently vacant, providing flexibility for an owner occupant or investor. The duplex is located near Pacific Ave with access to surrounding Spanaway amenities.
Key Highlights
- Two 3‑bedroom, 2‑bath units with 2,802 total rentable sq ft
- Each unit is approximately 1,401 sq ft
- Four garage parking spaces plus two uncovered spaces
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
$36,762
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
5.21%
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%
$735,240
$735.2K
Cap Rate 7%
$525,171
$525.2K
Cap Rate 9%
$408,467
$408.5K
Market Conditions
NOI Build-Up for 2,802 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
$56.5K $20.16/SF
− Vacancy
−$4.0K −$1.42/SF
EGI
$52.5K $18.74/SF
− OpEx
−$15.8K −$5.62/SF
NOI
$36.8K $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%
$735,240
Cap Rate 7%
$525,171
Cap Rate 9%
$408,467
Alternative Uses
Best Use
Multifamily LT 5
$525.2K
$459.5K – $612.7K
NOI $36,762 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$484.4K
$423.8K – $565.1K
NOI $33,907 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$756.8K
$662.2K – $882.9K
NOI $52,975 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 98387, WA
51,630
Population
17,151
Households
3
Avg Household Size
35
Median Age
17%
College-Educated
91%
High-School Grad
26.6 sq mi
ZIP Area
1,941
Density / Sq Mi
$101,141
Median Household Income
$54,167
Median Earnings
$1,837
Median Rent
$424,100
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 - Vacant two-residence property with private garage parking and paved street access.
Where is this duplex located?
The property is located at 416 170th St S Spanaway, WA.
What is the asking price?
The asking price for this property is $705,950.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units with 2,802 total rentable sq ft; Each unit is approximately 1,401 sq ft; Four garage parking spaces plus two uncovered spaces
