Duplex with Updated
For Sale
$745,000
4706 124th Avenue Ct E, Edgewood, WA 98372
Two separate units each include a garage, utility room, and private outdoor yard.
Property Size1,936 SF
Price / SF$384.81
Days on Market10
Property Features for 4706 124th Avenue Ct E
General Information
Standard status
Active
Size
1,936 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
garage
dedicated utility room
spacious private yard
storage shed
Building Details
Year Built
1975
Buildings
1
Listing Agency:
Compass Washington
(360) 918-6497
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 7:47PM
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 Compass Washington
Investment Insights
Based on property information with market context.
This 1,936-square-foot duplex in Edgewood, Washington, was built in 1975 and includes two distinct residential units. One side has been completely updated with modern finishes, while the other has been maintained as an established rental unit. Each residence includes its own garage, dedicated utility room, and private yard, giving both occupants separate indoor and outdoor amenities. An additional storage shed provides supplementary on-site space.
The property is located near freeway access, shopping, dining, and everyday services. Its two-unit configuration supports flexible ownership, including living in one residence while renting the other, or operating both units as income-producing residences.
The property is located near freeway access, shopping, dining, and everyday services. Its two-unit configuration supports flexible ownership, including living in one residence while renting the other, or operating both units as income-producing residences.
Key Highlights
- 1,936 SF duplex built in 1975
- One unit has been completely updated
- Each unit includes its own garage and dedicated utility room
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
$25,400
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%
$508,000
$508.0K
Cap Rate 7%
$362,857
$362.9K
Cap Rate 9%
$282,222
$282.2K
Market Conditions
NOI Build-Up for 1,936 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
$39.0K $20.16/SF
− Vacancy
−$2.7K −$1.42/SF
EGI
$36.3K $18.74/SF
− OpEx
−$10.9K −$5.62/SF
NOI
$25.4K $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%
$508,000
Cap Rate 7%
$362,857
Cap Rate 9%
$282,222
Alternative Uses
Best Use
Multifamily LT 5
$362.9K
$317.5K – $423.3K
NOI $25,400 @ 7.0% cap · market cap 3.41%
Second Best
Apartment 5plus
$334.7K
$292.8K – $390.5K
NOI $23,427 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$522.9K
$457.5K – $610.0K
NOI $36,602 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
35
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units each include a garage, utility room, and private outdoor yard.
Where is this duplex located?
The property is located at 4706 124th Avenue Ct E Edgewood, WA.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 1,936 SF duplex built in 1975; One unit has been completely updated; Each unit includes its own garage and dedicated utility room
