Triplex with
For Sale
$720,000
7428 S Puget Sound Ave #1-3, Tacoma, WA 98409
Two-parcel multifamily property with resident parking, in-unit laundry, and a refreshed vacant apartment.
Property Size1,840 SF
Price / SF$391.30
Days on Market51
Property Features for 7428 S Puget Sound Ave #1-3
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
in-unit laundry
Building Details
Year Built
1976
Listing Agency:
Compass
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Aug 30
Changed: Oct 15
Last Checked: Oct 16 at 9:24AM
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
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Investment Insights
Based on property information with market context.
This 1976 triplex spans 1,840 square feet across two parcels and includes three residential units. One vacant apartment offers one bedroom and one bathroom with updated finishes, providing immediate occupancy flexibility. Each unit includes in-unit laundry, and the property has parking for residents and guests.
A separate oversized garage and workshop adds substantial utility for storage, hobbies, or business-related activity. The structure may also offer a path to detached accessory dwelling unit development, subject to buyer confirmation and applicable zoning and permitting requirements. Located in South Tacoma at 7428 S Puget Sound Ave, the property combines residential accommodations with an unusually versatile accessory structure.
A separate oversized garage and workshop adds substantial utility for storage, hobbies, or business-related activity. The structure may also offer a path to detached accessory dwelling unit development, subject to buyer confirmation and applicable zoning and permitting requirements. Located in South Tacoma at 7428 S Puget Sound Ave, the property combines residential accommodations with an unusually versatile accessory structure.
Key Highlights
- Three‑unit multifamily property on two parcels
- 1,840‑square‑foot property built in 1976
- Vacant updated 1‑bedroom, 1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,243
Cap Rate
3.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$484,860
$484.9K
Cap Rate 7%
$346,329
$346.3K
Cap Rate 9%
$269,367
$269.4K
Market Conditions
NOI Build-Up for 1,840 SF
Gross rent
$36.4K $19.80/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$34.6K $18.82/SF
− OpEx
−$10.4K −$5.65/SF
NOI
$24.2K $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 Rate 5%
$484,860
Cap Rate 7%
$346,329
Cap Rate 9%
$269,367
Alternative Uses
Best Use
Multifamily LT 5
$346.3K
$303.0K – $404.1K
NOI $24,243 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$301.0K
$263.4K – $351.1K
NOI $21,068 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$565.6K
$494.9K – $659.8K
NOI $39,589 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
573
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Two-parcel multifamily property with resident parking, in-unit laundry, and a refreshed vacant apartment.
Where is this triplex located?
The property is located at 7428 S Puget Sound Ave #1-3 Tacoma, WA.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Three‑unit multifamily property on two parcels; 1,840‑square‑foot property built in 1976; Vacant updated 1‑bedroom, 1‑bath unit
