Remodeled Duplex With Attached
For Sale
$975,000
4714 69th St NW #A&B, Gig Harbor, WA 98335
Updated two-unit property with private patios, landscaped grounds, and convenient access to retail, dining, services, and Hwy 16.
Property Size2,941 SF
Price / SF$331.52
Days on Market46
Property Features for 4714 69th St NW #A&B
General Information
Standard status
Active
Size
2,941 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Sprinkler System
Yes
Amenities
hot tub
private patios
mature landscaping
spacious backyard picnic area
Building Details
Year Built
1977
Year Renovated
2023
Buildings
1
Listing Agency:
Coldwell Banker Bain
(360) 918-6497
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 9:03AM
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 Coldwell Banker Bain
Investment Insights
Based on property information with market context.
Remodeled in late 2023, this duplex combines updated interiors with practical features for both units. Each approximately 1,470-square-foot residence includes 2 bedrooms, 2.5 bathrooms, two non-conforming rooms, an attached one-car garage, and a private patio. Renovations included the roof, windows, plumbing, electrical systems, flooring, paint, kitchens, and bathrooms. White shaker cabinetry and quartz countertops add a consistent finish to the kitchen and bath upgrades.
The property includes level, fully usable grounds with mature landscaping and a sprinkler system. Unit A also offers a hot tub and a large backyard picnic area. Built in 1977, the 2,941-square-foot duplex sits on a quiet street with access to shopping, restaurants, services, and Hwy 16.
The property includes level, fully usable grounds with mature landscaping and a sprinkler system. Unit A also offers a hot tub and a large backyard picnic area. Built in 1977, the 2,941-square-foot duplex sits on a quiet street with access to shopping, restaurants, services, and Hwy 16.
Key Highlights
- Remodeled in late 2023 with updated roof, windows, plumbing, electrical, flooring, paint, kitchens, and bathrooms
- 2,941‑square‑foot duplex with two approximately 1,470‑square‑foot units
- Each unit includes 2 bedrooms, 2.5 bathrooms, and two non‑conforming rooms
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
$38,586
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
3.96%
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%
$771,720
$771.7K
Cap Rate 7%
$551,229
$551.2K
Cap Rate 9%
$428,733
$428.7K
Market Conditions
NOI Build-Up for 2,941 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
$59.3K $20.16/SF
− Vacancy
−$4.2K −$1.42/SF
EGI
$55.1K $18.74/SF
− OpEx
−$16.5K −$5.62/SF
NOI
$38.6K $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%
$771,720
Cap Rate 7%
$551,229
Cap Rate 9%
$428,733
Alternative Uses
Best Use
Multifamily LT 5
$551.2K
$482.3K – $643.1K
NOI $38,586 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$508.4K
$444.9K – $593.2K
NOI $35,589 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$794.3K
$695.0K – $926.7K
NOI $55,603 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Explore this area
Business Placement
Demographics for 98335, WA
27,307
Population
11,457
Households
2.4
Avg Household Size
47
Median Age
52%
College-Educated
97%
High-School Grad
22.1 sq mi
ZIP Area
1,236
Density / Sq Mi
$130,304
Median Household Income
$65,089
Median Earnings
$1,971
Median Rent
$736,400
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 - Updated two-unit property with private patios, landscaped grounds, and convenient access to retail, dining, services, and Hwy 16.
Where is this duplex located?
The property is located at 4714 69th St NW #A&B Gig Harbor, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Remodeled in late 2023 with updated roof, windows, plumbing, electrical, flooring, paint, kitchens, and bathrooms; 2,941‑square‑foot duplex with two approximately 1,470‑square‑foot units; Each unit includes 2 bedrooms, 2.5 bathrooms, and two non‑conforming rooms
