Triplex with
New
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 Market4
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: Sep 2
Last Checked: Sep 1 at 6:02PM
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
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 = 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
$24,243
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
3.37%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
