Duplex with Attached
For Sale
$874,000
5308 51st Avenue Ct W 5306, University Place, WA 98467
Two-unit residential property with private garages, separate utility metering, and in-unit laundry facilities.
Property Size2,440 SF
Lot Size0.27 Acres
Price / SF$358.20
Days on Market57
Property Features for 5308 51st Avenue Ct W 5306
General Information
Standard status
Active
Size
2,440 SF
Lot size
0.27 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.75BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2003
Buildings
1
Listing Agency:
Real Broker LLC
(206) 926-3701
Listed By:
Charles Burnett
Source:
Seattlepropertysource
Added: Jul 5
Changed: Aug 28
Last Checked: Aug 29 at 10:38AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,440 square feet and was built in 2003. Each unit includes two bedrooms, 1.75 baths, a primary suite with walk-in closet, vaulted ceilings, a fireplace, and a large laundry room with an in-unit washer and dryer. Both units also have an attached two-car garage and additional parking.
The property occupies an 11,800 SF corner lot in a quiet cul-de-sac in University Place. Separate electrical and water meters serve the units, while tenants pay their own electricity, water, and garbage. The configuration supports continued rental operation or an owner-occupant arrangement with one unit available for personal use.
The property occupies an 11,800 SF corner lot in a quiet cul-de-sac in University Place. Separate electrical and water meters serve the units, while tenants pay their own electricity, water, and garbage. The configuration supports continued rental operation or an owner-occupant arrangement with one unit available for personal use.
Key Highlights
- 2,440 SF duplex built in 2003
- Each unit offers 2 bedrooms and 1.75 baths
- Attached two‑car garage for each unit, plus additional parking
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
$32,013
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
3.66%
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%
$640,260
$640.3K
Cap Rate 7%
$457,329
$457.3K
Cap Rate 9%
$355,700
$355.7K
Market Conditions
NOI Build-Up for 2,440 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
$49.2K $20.16/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$45.7K $18.74/SF
− OpEx
−$13.7K −$5.62/SF
NOI
$32.0K $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%
$640,260
Cap Rate 7%
$457,329
Cap Rate 9%
$355,700
Alternative Uses
Best Use
Multifamily LT 5
$457.3K
$400.2K – $533.6K
NOI $32,013 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$421.8K
$369.1K – $492.1K
NOI $29,526 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$659.0K
$576.6K – $768.9K
NOI $46,131 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
310
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with private garages, separate utility metering, and in-unit laundry facilities.
Where is this duplex located?
The property is located at 5308 51st Avenue Ct W 5306 University Place, WA.
What is the asking price?
The asking price for this property is $874,000.
What are key features of this property?
This property features: 2,440 SF duplex built in 2003; Each unit offers 2 bedrooms and 1.75 baths; Attached two‑car garage for each unit, plus additional parking
