Quadplex with Two-Story
For Sale
$950,000
612 N Oakes Street, Tacoma, WA 98406
Four-unit property with varied layouts, basement storage, fenced yard, and alley access.
Property Size3,200 SF
Price / SF$296.88
Days on Market115
Property Features for 612 N Oakes Street
General Information
Standard status
Active
Size
3,200 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Net Operating Income
$59,072
Taxes and HOA fees
Annual Taxes
$8,356
Amenities
Engineered Hardwood,Hardwood,Vinyl,Carpet
Yes
No
2
Electric
Alley,Curbs,Paved,Sidewalk
Public
Cable TV,Fenced-Partially,Outbuildings,Patio,Propane
0.1148
Wood
Poured Concrete,Slab
3200
Building Details
Building Size
3,200 SF
Year Built
1910
Stories
2
Listing Agency:
Realogics Sotheby's Int'l Rlty
(503) 523-8556
Listed By:
Kristina Horning · License #201208749
(503) 523-8556
Source:
Premierepropertygroup
Added: Apr 25
Changed: Aug 17
Last Checked: Aug 17 at 3:54AM
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 Realogics Sotheby's Int'l Rlty
Investment Insights
Based on property information with market context.
Built in 1910, this 3,200-square-foot quadplex includes four distinct residential units. The main-floor apartment offers two bedrooms, one bathroom, a large living area, and an eat-in kitchen with access to the fenced backyard. Two upstairs apartments each provide one bedroom and one bathroom, with one featuring an open kitchen and living room. A separate two-story ADU includes its own alley entrance, one bedroom, one bathroom, kitchen storage, main-floor laundry, and an upper-level bedroom loft.
The property also includes a semi-finished basement with laundry and space for storage or studio use, four outdoor storage units, a patio, and alley parking for two cars. Two units are occupied by long-term tenants who intend to continue their leases. The property is located in Tacoma’s North End near parks, schools, shopping, dining, recreation, and everyday amenities.
The property also includes a semi-finished basement with laundry and space for storage or studio use, four outdoor storage units, a patio, and alley parking for two cars. Two units are occupied by long-term tenants who intend to continue their leases. The property is located in Tacoma’s North End near parks, schools, shopping, dining, recreation, and everyday amenities.
Key Highlights
- Four‑unit quadplex totaling 3,200 square feet
- Two‑story ADU with separate alley entrance, one bedroom, one bathroom, and in‑unit laundry
- Main‑floor unit includes two bedrooms, one bathroom, eat‑in kitchen, and backyard access
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
$42,161
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
4.44%
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%
$843,220
$843.2K
Cap Rate 7%
$602,300
$602.3K
Cap Rate 9%
$468,456
$468.5K
Market Conditions
NOI Build-Up for 3,200 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
$63.4K $19.80/SF
− Vacancy
−$3.1K −$0.98/SF
EGI
$60.2K $18.82/SF
− OpEx
−$18.1K −$5.65/SF
NOI
$42.2K $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%
$843,220
Cap Rate 7%
$602,300
Cap Rate 9%
$468,456
Alternative Uses
Best Use
Multifamily LT 5
$602.3K
$527.0K – $702.7K
NOI $42,161 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$523.4K
$458.0K – $610.7K
NOI $36,640 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$983.6K
$860.6K – $1.15M
NOI $68,851 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Explore this area
Business Placement
Demographics for 98406, WA
22,768
Population
10,748
Households
2.1
Avg Household Size
42
Median Age
48%
College-Educated
96%
High-School Grad
4.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$104,761
Median Household Income
$59,659
Median Earnings
$1,677
Median Rent
$594,100
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?
Quadplex - Four-unit property with varied layouts, basement storage, fenced yard, and alley access.
Where is this quadplex located?
The property is located at 612 N Oakes Street Tacoma, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 3,200 square feet; Two‑story ADU with separate alley entrance, one bedroom, one bathroom, and in‑unit laundry; Main‑floor unit includes two bedrooms, one bathroom, eat‑in kitchen, and backyard access
