Triplex with Fenced Outdoor
New
For Sale
$1,250,000
6215 29th Street NE, Tacoma, WA 98422
Two units are leased, while the third is prepared for new tenant occupancy.
Property Size4,344 SF
Price / SF$287.75
Days on Market3
Property Features for 6215 29th Street NE
General Information
Standard status
Active
Size
4,344 SF
Property subtype
Multi-Family
Net Operating Income
$74,509
Units
Unit Mix
2 x 4BR/2BA, 1 x 5BR/2BA
Multifamily Units
3
Parking per Unit
2
Additional Details
Cap Rate
5.8%
Taxes and HOA fees
Annual Taxes
$11,418
Amenities
ground-level entry
individual fenced outdoor spaces
in-unit washer and dryer hookups
Views
Vinyl Plank
Yes
No
1
Electric
Curbs,Paved,Sidewalk
Public
Fenced-Partially,Patio
0.3415
Wood
Poured Concrete
4344
6
Building Details
Building Size
4,344 SF
Year Built
1996
Buildings
1
Stories
1
Listing Agency:
Upside Properties
(503) 670-9000
Listed By:
Andrew Koczian
(503) 425-9653
Source:
Premierepropertygroup
Added: Sep 1
Last Checked: Sep 2 at 2:14PM
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 Upside Properties
Investment Insights
Based on property information with market context.
This 4,344-square-foot triplex was built in 1996 and contains two 4-bedroom, 2-bathroom units plus one 5-bedroom, 2-bathroom unit. Each residence has ground-level access, a private fenced outdoor area, and two designated parking spaces. Interior and exterior updates include luxury vinyl plank flooring, quartz countertops, tile finishes, stainless steel appliances, updated paint, and washer and dryer hookups.
Units B and C are rented and stabilized, while Unit A has been vacated and prepared for leasing. The property is located at 6215 29th Street NE in Tacoma’s Browns Point area. Reported operating performance includes a 5.8% capitalization rate.
Units B and C are rented and stabilized, while Unit A has been vacated and prepared for leasing. The property is located at 6215 29th Street NE in Tacoma’s Browns Point area. Reported operating performance includes a 5.8% capitalization rate.
Key Highlights
- 4,344‑square‑foot triplex built in 1996
- Two 4‑bedroom, 2‑bathroom units and one 5‑bedroom, 2‑bathroom unit
- Units B and C are rented and stabilized; Unit A is prepared for leasing
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
$57,234
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
4.58%
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%
$1,144,680
$1.1M
Cap Rate 7%
$817,629
$817.6K
Cap Rate 9%
$635,933
$635.9K
Market Conditions
NOI Build-Up for 4,344 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
$86.0K $19.80/SF
− Vacancy
−$4.2K −$0.98/SF
EGI
$81.8K $18.82/SF
− OpEx
−$24.5K −$5.65/SF
NOI
$57.2K $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%
$1,144,680
Cap Rate 7%
$817,629
Cap Rate 9%
$635,933
Alternative Uses
Best Use
Multifamily LT 5
$817.6K
$715.4K – $953.9K
NOI $57,234 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$710.6K
$621.7K – $829.0K
NOI $49,739 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,466 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 98422, WA
21,343
Population
8,321
Households
2.6
Avg Household Size
42
Median Age
39%
College-Educated
95%
High-School Grad
7.0 sq mi
ZIP Area
3,049
Density / Sq Mi
$115,989
Median Household Income
$62,514
Median Earnings
$2,104
Median Rent
$614,300
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?
Triplex - Two units are leased, while the third is prepared for new tenant occupancy.
Where is this triplex located?
The property is located at 6215 29th Street NE Tacoma, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 4,344‑square‑foot triplex built in 1996; Two 4‑bedroom, 2‑bathroom units and one 5‑bedroom, 2‑bathroom unit; Units B and C are rented and stabilized; Unit A is prepared for leasing
