Updated Duplex with
New
For Sale
$699,000
Pending
6708 46th Ave NW #A&B, Gig Harbor, WA 98335
Two updated units include appliances, utility rooms, and individual garage access.
Property Size1,884 SF
Days on Market4
Property Features for 6708 46th Ave NW #A&B
General Information
Standard status
Pending
Size
1,884 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
updated kitchens
updated bathrooms
laminate hardwood flooring
utility room with deep sink
appliances included
Building Details
Year Built
1978
Buildings
1
Listing Agency:
Compass Washington
(360) 918-6497
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 8:58AM
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 Compass Washington
Investment Insights
Based on property information with market context.
This 1,884-square-foot duplex, built in 1978, offers two updated units with laminate hardwood flooring throughout. Each residence includes refreshed kitchens and bathrooms, with appliances included. Both units also feature a utility room with a deep sink and access to an individual one-car garage.
The property is located at 6708 46th Ave NW in Gig Harbor, less than 5 minutes from the freeway and approximately 10 minutes from downtown. The configuration combines updated interior finishes with practical storage, utility, and parking features for each unit.
The property is located at 6708 46th Ave NW in Gig Harbor, less than 5 minutes from the freeway and approximately 10 minutes from downtown. The configuration combines updated interior finishes with practical storage, utility, and parking features for each unit.
Key Highlights
- 1,884 SF duplex built in 1978
- Both units feature updated kitchens and bathrooms
- Laminate hardwood flooring throughout both units
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
$24,718
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
3.54%
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%
$494,360
$494.4K
Cap Rate 7%
$353,114
$353.1K
Cap Rate 9%
$274,644
$274.6K
Market Conditions
NOI Build-Up for 1,884 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
$38.0K $20.16/SF
− Vacancy
−$2.7K −$1.42/SF
EGI
$35.3K $18.74/SF
− OpEx
−$10.6K −$5.62/SF
NOI
$24.7K $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%
$494,360
Cap Rate 7%
$353,114
Cap Rate 9%
$274,644
Alternative Uses
Best Use
Multifamily LT 5
$353.1K
$309.0K – $412.0K
NOI $24,718 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$325.7K
$285.0K – $380.0K
NOI $22,798 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$508.8K
$445.2K – $593.7K
NOI $35,619 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
Demographics for 98335, WA
27,307
Population
11,457
Households
2.4
Avg Household Size
47
Median Age
52%
College-Educated
97%
High-School Grad
22.1 sq mi
ZIP Area
1,236
Density / Sq Mi
$130,304
Median Household Income
$65,089
Median Earnings
$1,971
Median Rent
$736,400
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 - Two updated units include appliances, utility rooms, and individual garage access.
Where is this duplex located?
The property is located at 6708 46th Ave NW #A&B Gig Harbor, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 1,884 SF duplex built in 1978; Both units feature updated kitchens and bathrooms; Laminate hardwood flooring throughout both units
