Building Details

Year Built 1949

Buildings 4

Listing Agency: eXp Realty Show Phone

Listed By: Kristi Ann Kaylor

Source: Theinspiregroup

Added: Aug 9 Changed: Aug 28 Last Checked: Aug 29 at 11:55AM

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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 603 Kansas Street SW 1 & 2 includes two homes on one parcel and a reported 1,662 square feet. The secondary residence contains 624 square feet with one bedroom, one bathroom, and an attached garage. The main home has a separate detached one-car garage and shop, while additional site improvements include a 24-by-20-foot storage building, garden area, and fire pit. Built in 1949, the property requires restoration and offers flexible potential for rental income, owner occupancy, multigenerational living, or guest use.

The property is in Orting, Washington, within Pierce County. Area features identified for the community include scenic walking and biking trails, views of Mount Rainier, and a small-town setting.

Key Highlights

• Two homes located on one parcel
• 624 sq. ft. 1‑bedroom, 1‑bath secondary home with attached garage
• Reported property size of 1,662 square feet

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

$21,805

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

5.46%

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%

$436,100 $436.1K

Cap Rate 7%

$311,500 $311.5K

Cap Rate 9%

$242,278 $242.3K

Market Conditions

NOI Build-Up for 1,662 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

$33.5K $20.16/SF

− Vacancy

−$2.4K −$1.42/SF

EGI

$31.2K $18.74/SF

− OpEx

−$9.3K −$5.62/SF

NOI

$21.8K $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%

$436,100

Cap Rate 7%

$311,500

Cap Rate 9%

$242,278

Alternative Uses

Best Use

Multifamily LT 5

$311.5K

$272.6K – $363.4K (±1% cap)

NOI $21,805 @ 7.0% cap · market cap 5.46%

Second Best

Apartment 5plus

$287.3K

$251.4K – $335.2K (±1% cap)

NOI $20,112 @ 7.0% cap · market cap 5.04%

Theoretical Best

Office A

$448.9K

$392.8K – $523.7K (±1% cap)

NOI $31,422 @ 7.0% cap · market cap 7.88%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Lease Details

2

Residential units

Location Intelligence

Demographics for 98360, WA

15,332

Population

5,328

Households

2.9

Avg Household Size

37

Median Age

22%

College-Educated

93%

High-School Grad

67.7 sq mi

ZIP Area

226

Density / Sq Mi

$114,801

Median Household Income

$65,006

Median Earnings

$2,293

Median Rent

$466,200

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two residences share one parcel with garage, storage, and outdoor improvements.

Where is this duplex located?

The property is located at 603 Kansas Street Sw 1 & 2 Orting, WA.

What is the asking price?

The asking price for this property is $399,000.

What are key features of this property?

This property features: Two homes located on one parcel; 624 sq. ft. 1‑bedroom, 1‑bath secondary home with attached garage; Reported property size of 1,662 square feet