Two-Unit Duplex with Fenced
For Sale
$590,077
5907 to 5909 SW 111th # 07-09, Lakewood, WA 98499
Both residences feature spacious layouts, fireplaces, and separate laundry rooms.
Property Size2,360 SF
Lot Size0.19 Acres
Price / SF$250.03
Days on Market145
Property Features for 5907 to 5909 SW 111th # 07-09
General Information
Standard status
Active
Size
2,360 SF
Total Parking Spaces
8
Lot size
0.19 Acres
Property subtype
Multi-Family
Net Operating Income
$44,472
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,216
Amenities
fireplace
laundry room
fully fenced yard
patio
Laminate,Vinyl,Vinyl Plank,Carpet
Yes
No
2
Electric,Natural Gas
Paved
Public
Fenced-Fully
8
0.1909
Wood
Poured Concrete
2360
6
Building Details
Building Size
2,360 SF
Year Built
1958
Stories
2
Listing Agency:
Keller Williams West Sound
(503) 703-4095
Listed By:
Moti Felema
(503) 703-4095
Source:
Premierepropertygroup
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 30 at 2:25AM
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 Keller Williams West Sound
Investment Insights
Based on property information with market context.
Built in 1958, this two-unit duplex contains 2,360 square feet with matching residential layouts. Each unit offers two bedrooms, 1.5 bathrooms, a living room with fireplace, a generously sized kitchen with storage, and a separate laundry room. One bathroom has been updated, while new carpet and recently replaced water heaters add to the property’s documented improvements.
The 8,316-square-foot parcel includes a fully enclosed yard, patio, paved surfaces, and parking for up to 8 vehicles, including 2 carports. The property is located in Lakewood near Joint Base Lewis-McChord, Clover Park High School, local parks, and Lakewood Towne Center, with access to I-5 and Bridgeport Way.
The duplex configuration supports separate living spaces within one property, with each residence providing two levels and a main-floor half-bath.
The 8,316-square-foot parcel includes a fully enclosed yard, patio, paved surfaces, and parking for up to 8 vehicles, including 2 carports. The property is located in Lakewood near Joint Base Lewis-McChord, Clover Park High School, local parks, and Lakewood Towne Center, with access to I-5 and Bridgeport Way.
The duplex configuration supports separate living spaces within one property, with each residence providing two levels and a main-floor half-bath.
Key Highlights
- 2,360 sq ft duplex built in 1958
- Two units, each with 2 bedrooms and 1.5 bathrooms
- 8,316 sq ft lot with fully fenced yard and patio
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
$30,963
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
5.25%
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%
$619,260
$619.3K
Cap Rate 7%
$442,329
$442.3K
Cap Rate 9%
$344,033
$344.0K
Market Conditions
NOI Build-Up for 2,360 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
$47.6K $20.16/SF
− Vacancy
−$3.3K −$1.42/SF
EGI
$44.2K $18.74/SF
− OpEx
−$13.3K −$5.62/SF
NOI
$31.0K $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%
$619,260
Cap Rate 7%
$442,329
Cap Rate 9%
$344,033
Alternative Uses
Best Use
Multifamily LT 5
$442.3K
$387.0K – $516.1K
NOI $30,963 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$408.0K
$357.0K – $476.0K
NOI $28,558 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$637.4K
$557.7K – $743.7K
NOI $44,619 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
797
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?
Duplex - Both residences feature spacious layouts, fireplaces, and separate laundry rooms.
Where is this duplex located?
The property is located at 5907 to 5909 SW 111th # 07-09 Lakewood, WA.
What is the asking price?
The asking price for this property is $590,077.
What are key features of this property?
This property features: 2,360 sq ft duplex built in 1958; Two units, each with 2 bedrooms and 1.5 bathrooms; 8,316 sq ft lot with fully fenced yard and patio
