Four-Unit Duplex
For Sale
$1,200,000
5208 63RD, University Place, WA 98467
Two duplexes on separate parcels offer four units with in-unit laundry, garages, and wood-burning fireplaces.
Property Size3,984 SF
Price / SF$301.20
Days on Market100
Property Features for 5208 63RD
General Information
Standard status
Active
Size
3,984 SF
Total Parking Spaces
4
Property subtype
Multi-family
Occupancy
50%
Additional Details
Business Included
No
Road Access
Yes
Multifamily Units
4
Amenities
washer & dryer
wood burning fireplace
Building Details
Year Built
1984
Stories
2
Tenancy
Multi
Listing Agency:
Engel & Volkers Chambers Bay
Listed By:
Chris J Barrett
(253) 604-6000
Source:
Skylineproperties
Added: Jun 6
Changed: Sep 13
Last Checked: Sep 13 at 9:26AM
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 Engel & Volkers Chambers Bay
Investment Insights
Based on property information with market context.
This offering includes two duplex properties located on two separate parcels: 5208/5210 and 5214/5216. The configuration provides four residential units, each approximately 996 square feet with two bedrooms and 1.75 bathrooms. Every unit includes a one-car garage, a washer and dryer, and a wood-burning fireplace.
Each unit’s layout includes living area, kitchen, dining, and a half bath on the main floor, with the bedrooms and additional bath space on the lower level. The setting is described as semi-private, with only these four units on a dead-end road.
According to the seller’s remarks, two units are vacant and two are currently rented below market value. Please do not view without a real estate broker, and do not bother tenants.
Each unit’s layout includes living area, kitchen, dining, and a half bath on the main floor, with the bedrooms and additional bath space on the lower level. The setting is described as semi-private, with only these four units on a dead-end road.
According to the seller’s remarks, two units are vacant and two are currently rented below market value. Please do not view without a real estate broker, and do not bother tenants.
Key Highlights
- Built in 1984: two duplexes on separate parcels (5208/5210 and 5214/5216) with 4 total units
- Each unit is approx 996 SF with 2 bedrooms and 1.75 baths
- Includes 1‑car garage per unit and washer & dryer in each unit
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
$52,270
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
4.36%
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%
$1,045,400
$1.0M
Cap Rate 7%
$746,714
$746.7K
Cap Rate 9%
$580,778
$580.8K
Market Conditions
NOI Build-Up for 3,984 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
$80.3K $20.16/SF
− Vacancy
−$5.6K −$1.42/SF
EGI
$74.7K $18.74/SF
− OpEx
−$22.4K −$5.62/SF
NOI
$52.3K $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%
$1,045,400
Cap Rate 7%
$746,714
Cap Rate 9%
$580,778
Alternative Uses
Best Use
Multifamily LT 5
$746.7K
$653.4K – $871.2K
NOI $52,270 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$688.7K
$602.6K – $803.5K
NOI $48,210 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$1.08M
$941.5K – $1.26M
NOI $75,322 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Explore this area
Business Placement
Demographics for 98467, WA
16,512
Population
6,718
Households
2.5
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
4.8 sq mi
ZIP Area
3,440
Density / Sq Mi
$90,586
Median Household Income
$48,802
Median Earnings
$1,566
Median Rent
$580,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two duplexes on separate parcels offer four units with in-unit laundry, garages, and wood-burning fireplaces.
Where is this duplex located?
The property is located at 5208 63RD University Place, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Built in 1984: two duplexes on separate parcels (5208/5210 and 5214/5216) with 4 total units; Each unit is approx 996 SF with 2 bedrooms and 1.75 baths; Includes 1‑car garage per unit and washer & dryer in each unit
