Three-Unit Multifamily
For Sale
$674,950
4822 S L St, Tacoma, WA 98408
Duplex with a separate studio, individual laundry, fenced yard, and rear off-street parking.
Property Size2,564 SF
Price / SF$263.24
Days on Market20
Property Features for 4822 S L St
General Information
Standard status
Active
Size
2,564 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA, 1 x studio
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
fenced yard
fireplace
in-unit laundry
Building Details
Year Built
1928
Buildings
2
Listing Agency:
Theory Real Estate
Listed By:
Ronald Dudley
(253) 537-4663
Source:
Theinspiregroup
Added: Aug 14
Changed: Aug 28
Last Checked: Sep 1 at 10:31PM
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 Theory Real Estate
Investment Insights
Based on property information with market context.
This 1928 multifamily property contains a duplex and a detached third unit. The duplex offers a 3-bedroom, 1-bath residence and a 2-bedroom, 1-bath residence, while the detached unit is configured as a studio. Total property size is 2,564 square feet. Dedicated laundry is provided for each unit, and the upper residence includes a fireplace and a fully fenced yard. One duplex unit is vacant.
The property is located in South Tacoma at 4822 S L St, with access to nearby freeways, shopping, restaurants, entertainment, and downtown Tacoma. Rear off-street parking serves the lower residence and detached unit.
The property is located in South Tacoma at 4822 S L St, with access to nearby freeways, shopping, restaurants, entertainment, and downtown Tacoma. Rear off-street parking serves the lower residence and detached unit.
Key Highlights
- Three‑unit configuration with a duplex and detached studio
- Unit mix includes 3 bed/1 bath, 2 bed/1 bath, and studio residences
- 2,564 square feet; built in 1928
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
$29,358
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
4.35%
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%
$587,160
$587.2K
Cap Rate 7%
$419,400
$419.4K
Cap Rate 9%
$326,200
$326.2K
Market Conditions
NOI Build-Up for 2,564 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
$56.3K $21.96/SF
− Vacancy
−$2.9K −$1.14/SF
EGI
$53.4K $20.82/SF
− OpEx
−$24.0K −$9.37/SF
NOI
$29.4K $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%
$587,160
Cap Rate 7%
$419,400
Cap Rate 9%
$326,200
Alternative Uses
Best Use
Apartment 5plus
$419.4K
$367.0K – $489.3K
NOI $29,358 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$788.1K
$689.6K – $919.5K
NOI $55,167 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 98408, WA
20,566
Population
8,418
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
3.4 sq mi
ZIP Area
6,049
Density / Sq Mi
$78,855
Median Household Income
$45,786
Median Earnings
$1,610
Median Rent
$379,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Duplex with a separate studio, individual laundry, fenced yard, and rear off-street parking.
Where is this multifamily property located?
The property is located at 4822 S L St Tacoma, WA.
What is the asking price?
The asking price for this property is $674,950.
What are key features of this property?
This property features: Three‑unit configuration with a duplex and detached studio; Unit mix includes 3 bed/1 bath, 2 bed/1 bath, and studio residences; 2,564 square feet; built in 1928
