Four Duplex Residential
For Sale
$2,500,000
4846 48TH, Tacoma, WA 98409
Four duplex buildings totaling eight units offer three-bedroom, two-bath layouts with in-unit laundry and private garages.
Property Size10,240 SF
Price / SF$244.14
Days on Market37
Property Features for 4846 48TH
General Information
Standard status
Active
Size
10,240 SF
Property subtype
Multi-family
Additional Details
Business Included
No
Highway Access
Yes
Multifamily Units
8
Amenities
in-unit washer and dryer
double-pane vinyl windows
private garage
Building Details
Year Built
1992
Stories
2
Construction
wood-frame
Tenancy
Multi
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Tanner Fogle
(253) 604-6000
Source:
Skylineproperties
Added: Jul 7
Changed: Aug 11
Last Checked: Aug 12 at 4:10AM
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 Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
Orchard St Duplexes includes four duplex buildings totaling eight residential units on just over an acre. Each unit features a spacious three-bedroom, two-bathroom layout over two stories, with in-unit washer and dryer, double-pane vinyl windows, and a private garage. The wood-frame buildings were constructed in the early 1990s.
The property is located in a quiet Tacoma neighborhood near University Place, with convenient access to I-5, Highway 16, and Tacoma Mall Boulevard.
This configuration provides multiple separate residential units within a single duplex-building portfolio, offering a consistent unit layout across the eight homes.
The property is located in a quiet Tacoma neighborhood near University Place, with convenient access to I-5, Highway 16, and Tacoma Mall Boulevard.
This configuration provides multiple separate residential units within a single duplex-building portfolio, offering a consistent unit layout across the eight homes.
Key Highlights
- Four duplex buildings with 8 total residential units
- 1992 wood‑frame construction; just over 1 acre in a quiet Tacoma neighborhood near University Place
- Each unit offers ~1,280 SF across two stories with a 3‑bedroom, 2‑bath layout
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
$134,915
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
5.40%
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%
$2,698,300
$2.7M
Cap Rate 7%
$1,927,357
$1.9M
Cap Rate 9%
$1,499,056
$1.5M
Market Conditions
NOI Build-Up for 10,240 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
$202.8K $19.80/SF
− Vacancy
−$10.0K −$0.98/SF
EGI
$192.7K $18.82/SF
− OpEx
−$57.8K −$5.65/SF
NOI
$134.9K $13.18/SF
Area
Tacoma, WA
Vacancy
4.94%
Lease Rate
$19.80 /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%
$2,698,300
Cap Rate 7%
$1,927,357
Cap Rate 9%
$1,499,056
Alternative Uses
Best Use
Multifamily LT 5
$1.93M
$1.69M – $2.25M
NOI $134,915 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$1.67M
$1.47M – $1.95M
NOI $117,247 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$3.15M
$2.75M – $3.67M
NOI $220,324 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
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?
Apartment building - Four duplex buildings totaling eight units offer three-bedroom, two-bath layouts with in-unit laundry and private garages.
Where is this apartment building located?
The property is located at 4846 48TH Tacoma, WA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Four duplex buildings with 8 total residential units; 1992 wood‑frame construction; just over 1 acre in a quiet Tacoma neighborhood near University Place; Each unit offers ~1,280 SF across two stories with a 3‑bedroom, 2‑bath layout
