Updated Duplex with Attached
New
For Sale
$719,000
6708 46th Avenue Nw A&b, Gig Harbor, WA 98335
Two refreshed units offer low-maintenance finishes, included appliances, and convenient utility rooms.
Property Size1,884 SF
Price / SF$381.63
Days on Market3
Property Features for 6708 46th Avenue Nw A&b
General Information
Standard status
Active
Size
1,884 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Multifamily Units
2
Parking per Unit
1
Additional Details
Highway Access
Yes
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Windermere Prof Partners
Listed By:
Dana Soyat
(360) 876-9600
Source:
Montgomeryht
Added: Sep 20
Last Checked: Sep 21 at 12:36PM
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 Windermere Prof Partners
Investment Insights
Based on property information with market context.
This 1,884-square-foot duplex, built in 1976, includes two updated residential units with laminate flooring, renovated kitchens and bathrooms, and appliances included. Each unit has a utility room with a deep sink and access to its own one-car garage. A level lot, mature trees, and ample off-street parking contribute to the property's private setting. A new roof is being installed, and the septic system has updated risers.
The property is located at 6708 46th Avenue NW in Gig Harbor, approximately less than 5 minutes from the freeway and 10 minutes from downtown. Its two-unit layout, separate garage access, and recent interior improvements provide a practical configuration for residential income use or owner occupancy with an additional unit.
The property is located at 6708 46th Avenue NW in Gig Harbor, approximately less than 5 minutes from the freeway and 10 minutes from downtown. Its two-unit layout, separate garage access, and recent interior improvements provide a practical configuration for residential income use or owner occupancy with an additional unit.
Key Highlights
- Two‑unit duplex totaling 1,884 SF
- Built in 1976 with updated kitchens, bathrooms, and laminate flooring
- One‑car garage assigned to each unit
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
3.44%
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%
$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 3.44%
Second Best
Apartment 5plus
$325.7K
$285.0K – $380.0K
NOI $22,798 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$508.8K
$445.2K – $593.7K
NOI $35,619 @ 7.0% cap · market cap 4.95%
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
129
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 refreshed units offer low-maintenance finishes, included appliances, and convenient utility rooms.
Where is this duplex located?
The property is located at 6708 46th Avenue Nw A&b Gig Harbor, WA.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,884 SF; Built in 1976 with updated kitchens, bathrooms, and laminate flooring; One‑car garage assigned to each unit
