One-Story Triplex with Carport
For Sale
$665,000
6905 S Madison, Tacoma, WA 98409
Three 2-bedroom units with washer/dryer hookups, carport parking, and dedicated storage in a move-in-ready Tacoma triplex.
Property Size2,652 SF
Price / SF$250.75
Days on Market223
Property Features for 6905 S Madison
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Multi-Family
Net Operating Income
$52,334
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,084
Amenities
Ceramic Tile,Laminate,Carpet
Yes
No
1
Electric
Paved
Public
Fenced-Fully
54x167
0.21
Wood,Wood Products
Poured Concrete
2652
Building Details
Building Size
2,652 SF
Year Built
1978
Stories
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Tomlinson R&H
(971) 226-1720
Listed By:
Susan Victor-Reed · License #201218132
(971) 226-1720
Source:
Premierepropertygroup
Added: Jan 9
Changed: Aug 19
Last Checked: Aug 20 at 4:33AM
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 Coldwell Banker Tomlinson R&H
Investment Insights
Based on property information with market context.
This one-story triplex offers three separate 2-bedroom, 1.5-bath units. Each unit includes washer/dryer hookups, and the property is complemented by carport parking with dedicated storage for each unit. Recent improvements include a new roof and gutters, along with interior updates throughout. The configuration supports flexible ownership, including the option for an owner-occupant since one unit is described as move-in ready.
The property is located at 6905 S Madison in Tacoma. The public remarks note convenient proximity to I-5 and SR-512, as well as transit, schools, a golf course, and Tacoma Mall.
For buyers seeking a small residential income asset, this triplex presents a clear unit mix and practical on-site amenities such as covered parking and private storage. The combination of roof and interior updates, along with the availability of an adjacent identical triplex at 6909 Madison, may appeal to investors or owner-occupants looking for additional flexibility within the same immediate area.
The property is located at 6905 S Madison in Tacoma. The public remarks note convenient proximity to I-5 and SR-512, as well as transit, schools, a golf course, and Tacoma Mall.
For buyers seeking a small residential income asset, this triplex presents a clear unit mix and practical on-site amenities such as covered parking and private storage. The combination of roof and interior updates, along with the availability of an adjacent identical triplex at 6909 Madison, may appeal to investors or owner-occupants looking for additional flexibility within the same immediate area.
Key Highlights
- One‑story triplex built in 1978 with 3 units, each offering 2 bedrooms and 1.5 bathrooms
- Each unit includes washer/dryer hookup
- 2652 total building area on a 0.21‑acre fenced lot (54x167) with poured concrete foundation
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
$34,941
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
5.25%
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%
$698,820
$698.8K
Cap Rate 7%
$499,157
$499.2K
Cap Rate 9%
$388,233
$388.2K
Market Conditions
NOI Build-Up for 2,652 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
$52.5K $19.80/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$49.9K $18.82/SF
− OpEx
−$15.0K −$5.65/SF
NOI
$34.9K $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%
$698,820
Cap Rate 7%
$499,157
Cap Rate 9%
$388,233
Alternative Uses
Best Use
Multifamily LT 5
$499.2K
$436.8K – $582.4K
NOI $34,941 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$433.8K
$379.6K – $506.1K
NOI $30,365 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$815.1K
$713.3K – $951.0K
NOI $57,060 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
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 - Three 2-bedroom units with washer/dryer hookups, carport parking, and dedicated storage in a move-in-ready Tacoma triplex.
Where is this triplex located?
The property is located at 6905 S Madison Tacoma, WA.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: One‑story triplex built in 1978 with 3 units, each offering 2 bedrooms and 1.5 bathrooms; Each unit includes washer/dryer hookup; 2652 total building area on a 0.21‑acre fenced lot (54x167) with poured concrete foundation
