Two-Home Multifamily
For Sale
$1,100,000
4505 4507 72nd St E, Tacoma, WA 98443
Two residences, accessory spaces, garages, gardens, and workshop improvements occupy one Tacoma property near commuter routes.
Property Size4,830 SF
Price / SF$227.74
Days on Market38
Property Features for 4505 4507 72nd St E
General Information
Standard status
Active
Size
4,830 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.75BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
gas fireplace
covered deck
garden space
storage sheds
woodstove
mini-splits with A/C
pellet stove
gazebo
raised garden beds
fruit tree
Building Details
Year Built
1985
Listing Agency:
(360) 338-8355
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 29 at 9:00AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
This multifamily property combines two separate residences with a total of 4,830 square feet. The primary home, built in 1985, offers 3,590 square feet with three bedrooms, 1.75 baths, a three-car garage, a spiral staircase, vaulted entry, gas fireplace, German schrank, butler’s pantry, and oversized eat-in kitchen. An upper-level area with a separate entrance provides flexible additional space and has served as a workshop. Covered outdoor space, storage sheds, and garden areas extend the property’s functionality.
The second residence is a 790-square-foot cottage with two bedrooms, one bath, hardwood floors, a woodstove, mini-split air conditioning, and included appliances. A detached 450-square-foot finished bonus area includes a pellet stove, while a powered workshop, gazebo, raised garden beds, fruit tree, storage, and additional parking add further improvements. The property is located in Tacoma’s Summit/Waller area, within the Puyallup School District and near shopping, dining, and commuter routes between Tacoma and Puyallup.
The second residence is a 790-square-foot cottage with two bedrooms, one bath, hardwood floors, a woodstove, mini-split air conditioning, and included appliances. A detached 450-square-foot finished bonus area includes a pellet stove, while a powered workshop, gazebo, raised garden beds, fruit tree, storage, and additional parking add further improvements. The property is located in Tacoma’s Summit/Waller area, within the Puyallup School District and near shopping, dining, and commuter routes between Tacoma and Puyallup.
Key Highlights
- Two residences totaling 4,830 square feet
- Primary home: 3,590 SF, 3 bedrooms, 1.75 baths, and a 3‑car garage
- Secondary cottage: 790 SF with 2 bedrooms, 1 bath, hardwood floors, and mini‑splits
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
$55,303
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
5.03%
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%
$1,106,060
$1.1M
Cap Rate 7%
$790,043
$790.0K
Cap Rate 9%
$614,478
$614.5K
Market Conditions
NOI Build-Up for 4,830 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
$106.1K $21.96/SF
− Vacancy
−$5.5K −$1.14/SF
EGI
$100.6K $20.82/SF
− OpEx
−$45.2K −$9.37/SF
NOI
$55.3K $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%
$1,106,060
Cap Rate 7%
$790,043
Cap Rate 9%
$614,478
Alternative Uses
Best Use
Apartment 5plus
$790.0K
$691.3K – $921.7K
NOI $55,303 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,922 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 98443, WA
5,733
Population
2,294
Households
2.5
Avg Household Size
45
Median Age
25%
College-Educated
93%
High-School Grad
5.4 sq mi
ZIP Area
1,062
Density / Sq Mi
$117,423
Median Household Income
$59,415
Median Earnings
$1,768
Median Rent
$478,300
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?
Multifamily property - Two residences, accessory spaces, garages, gardens, and workshop improvements occupy one Tacoma property near commuter routes.
Where is this multifamily property located?
The property is located at 4505 4507 72nd St E Tacoma, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two residences totaling 4,830 square feet; Primary home: 3,590 SF, 3 bedrooms, 1.75 baths, and a 3‑car garage; Secondary cottage: 790 SF with 2 bedrooms, 1 bath, hardwood floors, and mini‑splits
