Four-Duplex Residential Income
For Sale
$3,180,000
5702 79TH Unit A & B, Lakewood, WA 98499
Four identical one-story duplexes totaling eight units feature vaulted ceilings and modern kitchen upgrades.
Property Size8,564 SF
Price / SF$371.32
Days on Market292
Property Features for 5702 79TH Unit A & B
General Information
Standard status
Active
Size
8,564 SF
Total Parking Spaces
24
Property subtype
Multi-family
Additional Details
Multifamily Units
8
Building Details
Year Built
2023
Stories
1
Tenancy
Multi
Listing Agency:
Harvest Realty,Inc
Listed By:
Rick A. Gienger
(253) 564-6211
Source:
Century21northhomes
Added: Oct 20, 2025
Changed: Jul 19
Last Checked: Aug 6 at 4:44AM
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 Harvest Realty,Inc
Investment Insights
Based on property information with market context.
Christina Estates is a residential income property consisting of four identical duplexes, offering a total of eight units. Each duplex is one story and includes vaulted ceilings in the main living areas, along with upgraded kitchen finishes such as upgraded cabinets, stainless steel appliances, quartz countertops, a large island with eating bar, and a 5-foot pantry. Units also feature a large primary suite with a private full bath. Heating and cooling are provided by ductless heat pumps, with additional Cadet wall heaters in the bedrooms.
Each unit includes a single-car garage, plus two uncovered on-site parking spaces per unit. The property also includes new paved street parking with vertical curbs and sidewalks for guest parking, and landscaped, irrigated front yard areas separated by driveways.
The duplexes are approximately three years old, and during that time only two units have turned over tenancy. The project is located 10–15 minutes from JBLM and near shopping, schools, eateries, theaters, and medical services including St. Claire’s Hospital.
Each unit includes a single-car garage, plus two uncovered on-site parking spaces per unit. The property also includes new paved street parking with vertical curbs and sidewalks for guest parking, and landscaped, irrigated front yard areas separated by driveways.
The duplexes are approximately three years old, and during that time only two units have turned over tenancy. The project is located 10–15 minutes from JBLM and near shopping, schools, eateries, theaters, and medical services including St. Claire’s Hospital.
Key Highlights
- Christine Estates: 4 identical, one‑story duplexes (8 units) built in 2023
- Front units offer 1,065 SF (left) and 1,076 SF (right) with vaulted ceilings in main living areas
- Modern kitchens with upgraded cabinets, stainless steel appliances, quartz countertops, large island eating bar, and 5‑foot pantry
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
$103,633
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
3.26%
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%
$2,072,660
$2.1M
Cap Rate 7%
$1,480,471
$1.5M
Cap Rate 9%
$1,151,478
$1.2M
Market Conditions
NOI Build-Up for 8,564 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
$203.5K $23.76/SF
− Vacancy
−$15.1K −$1.76/SF
EGI
$188.4K $22.00/SF
− OpEx
−$84.8K −$9.90/SF
NOI
$103.6K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$2,072,660
Cap Rate 7%
$1,480,471
Cap Rate 9%
$1,151,478
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,633 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,913 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
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 identical one-story duplexes totaling eight units feature vaulted ceilings and modern kitchen upgrades.
Where is this apartment building located?
The property is located at 5702 79TH Unit A & B Lakewood, WA.
What is the asking price?
The asking price for this property is $3,180,000.
What are key features of this property?
This property features: Christine Estates: 4 identical, one‑story duplexes (8 units) built in 2023; Front units offer 1,065 SF (left) and 1,076 SF (right) with vaulted ceilings in main living areas; Modern kitchens with upgraded cabinets, stainless steel appliances, quartz countertops, large island eating bar, and 5‑foot pantry
