Building Details

Year Built 1965

Listing Agency: Compass

Listed By: Chris Murphy · License #111144 Show Phone

Source: Pugetsoundrealestate

Added: Sep 13 Changed: Oct 25 Last Checked: Oct 28 at 8:15AM

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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

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Investment Insights

Based on property information with market context.

This single-level duplex at 515 Roe St includes 1,664 total square feet arranged as two separate residences. Each unit offers approximately 832 square feet with two bedrooms, one bathroom, its own entrance, and a fenced outdoor area. Updated living spaces, covered parking, and landscaped grounds support straightforward residential operation. The property was built in 1965.

The duplex sits on a corner lot in Steilacoom, near downtown, schools, parks, and local amenities. Its location also provides access to JBLM, Lakewood, and major employment centers. One unit is vacant for scheduled showings, while the occupied unit is available for viewing following mutual acceptance. The adjacent duplex at 2707 Lexington is also available, creating a potential four-unit acquisition package.

Key Highlights

• Two‑unit duplex with 1,664 total square feet
• Each residence includes 2 beds, 1 bath, and approximately 832 sq ft
• Separate entrances and fenced outdoor areas for both units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,832

Cap Rate

3.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$436,640 $436.6K

Cap Rate 7%

$311,886 $311.9K

Cap Rate 9%

$242,578 $242.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,664 SF

Gross rent

$33.5K $20.16/SF

− Vacancy

−$2.4K −$1.42/SF

EGI

$31.2K $18.74/SF

− OpEx

−$9.4K −$5.62/SF

NOI

$21.8K $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 Rate 5%

$436,640

Cap Rate 7%

$311,886

Cap Rate 9%

$242,578

Alternative Uses

Best Use

Multifamily LT 5

$311.9K

$272.9K – $363.9K (±1% cap)

NOI $21,832 @ 7.0% cap · market cap 3.98%

Second Best

Apartment 5plus

$287.7K

$251.7K – $335.6K (±1% cap)

NOI $20,136 @ 7.0% cap · market cap 3.67%

Theoretical Best

Office A

$449.4K

$393.3K – $524.3K (±1% cap)

NOI $31,460 @ 7.0% cap · market cap 5.73%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Location Intelligence

Trade Area within ½ mile

141

Businesses Nearby

Explore this area Business Placement

Demographics for 98388, WA

7,096

Population

2,846

Households

2.5

Avg Household Size

41

Median Age

45%

College-Educated

93%

High-School Grad

8.8 sq mi

ZIP Area

806

Density / Sq Mi

$97,634

Median Household Income

$49,382

Median Earnings

$1,721

Median Rent

$594,600

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Frequently Asked Questions

What type of property is this?

Duplex - Two updated residences provide separate entrances, fenced outdoor areas, and covered parking.

Where is this duplex located?

The property is located at 515 Roe St Steilacoom, WA.

What is the asking price?

The asking price for this property is $549,000.

What are key features of this property?

This property features: Two‑unit duplex with 1,664 total square feet; Each residence includes 2 beds, 1 bath, and approximately 832 sq ft; Separate entrances and fenced outdoor areas for both units