Duplex With Detached
For Sale
$565,000
5428 S Cedar St, Tacoma, WA 98409
Two leased residences share one lot, with separate access and distinct living spaces.
Property Size1,924 SF
Days on Market20
Property Features for 5428 S Cedar St
General Information
Standard status
Active
Size
1,924 SF
Total Parking Spaces
4
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$49,800
Taxes and HOA fees
Annual Taxes
$4,731
Amenities
wood-burning fireplace
fully fenced yard
in-unit laundry
Building Details
Building Size
1,924 SF
Year Built
1925
Buildings
2
Units
2
Tenancy
Multi
Listing Agency:
eXp Realty
(888) 317-5197
Listed By:
Nicholas Zaharevich
(888) 317-5197
Source:
Multifamilyspecialist
Added: Jul 23
Changed: Aug 10
Last Checked: Aug 10 at 12:06PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This duplex property at 5428 S Cedar St includes a 3-bedroom, 1-bath main residence measuring 1,284 square feet and a detached 2-bedroom, 1-bath ADU with 640 square feet. The primary home offers an open kitchen and dining area, wood-burning fireplace, finished attic, and fully fenced yard. The ADU includes a full kitchen, living room, updated finishes, in-unit laundry, and private access from the alley.
Both residences are leased through February 28, 2027. The property was built in 1925 and is located near shopping, dining, schools, transit, and I-5. Separate structures and access points provide distinct residential spaces on a single lot.
Both residences are leased through February 28, 2027. The property was built in 1925 and is located near shopping, dining, schools, transit, and I-5. Separate structures and access points provide distinct residential spaces on a single lot.
Key Highlights
- Two residences on one lot: a 3‑bedroom, 1‑bath main home and detached 2‑bedroom, 1‑bath ADU
- Main residence measures 1,284 sq ft; detached ADU measures 640 sq ft
- Both units leased through February 28, 2027
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
$25,349
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
4.49%
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%
$506,980
$507.0K
Cap Rate 7%
$362,129
$362.1K
Cap Rate 9%
$281,656
$281.7K
Market Conditions
NOI Build-Up for 1,924 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
$38.1K $19.80/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$36.2K $18.82/SF
− OpEx
−$10.9K −$5.65/SF
NOI
$25.3K $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%
$506,980
Cap Rate 7%
$362,129
Cap Rate 9%
$281,656
Alternative Uses
Best Use
Multifamily LT 5
$362.1K
$316.9K – $422.5K
NOI $25,349 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$314.7K
$275.4K – $367.2K
NOI $22,030 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$591.4K
$517.5K – $690.0K
NOI $41,397 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,850
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?
Duplex - Two leased residences share one lot, with separate access and distinct living spaces.
Where is this duplex located?
The property is located at 5428 S Cedar St Tacoma, WA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two residences on one lot: a 3‑bedroom, 1‑bath main home and detached 2‑bedroom, 1‑bath ADU; Main residence measures 1,284 sq ft; detached ADU measures 640 sq ft; Both units leased through February 28, 2027
