19-Unit Mixed-Use
For Sale
$3,300,000
7902 27TH, University Place, WA 98466
Corner-lot property combines residential units with ground-floor commercial space.
Property Size15,400 SF
Lot Size0.63 Acres
Price / SF$214.29
Days on Market165
Property Features for 7902 27TH
General Information
Standard status
Active
Size
15,400 SF
Total Parking Spaces
38
Lot size
0.63 Acres
Property subtype
Multi-family
Units
Unit Mix
5 x 1BR, 5 x 2BR
Multifamily Units
10
Parking per Unit
2
Additional Details
Corner Location
Yes
Building Details
Year Built
1961
Buildings
1
Tenancy
Multi
Listing Agency:
Northmarq Multifamily,LLC
Listed By:
Steven Fischer
(253) 604-6000
Source:
Skylineproperties
Added: Mar 18
Changed: Aug 29
Last Checked: Aug 29 at 1:46PM
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 Northmarq Multifamily,LLC
Investment Insights
Based on property information with market context.
This 19-unit mixed-use property in University Place contains 10 apartments and 9 commercial suites within approximately 15,400 SF of building area. The residential portion includes five one-bedroom apartments averaging 700 SF and five two-bedroom apartments averaging 900 SF. Ground-floor commercial spaces range from 800 to 1,000 SF and are 100% leased to established local operators.
Built in 1961, the property occupies a 27,600 SF corner lot at 7902 27TH and includes 38 surface parking stalls. Its position near Bridgeport Way places the building along University Place’s primary retail corridor, with storefront exposure serving both the residential and commercial components.
Built in 1961, the property occupies a 27,600 SF corner lot at 7902 27TH and includes 38 surface parking stalls. Its position near Bridgeport Way places the building along University Place’s primary retail corridor, with storefront exposure serving both the residential and commercial components.
Key Highlights
- 19‑unit configuration with 10 apartments and 9 commercial suites
- Approximately 15,400 SF building on a 27,600 SF lot
- Five one‑bedroom units averaging 700 SF and five two‑bedroom units averaging 900 SF
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
$186,355
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
5.65%
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%
$3,727,100
$3.7M
Cap Rate 7%
$2,662,214
$2.7M
Cap Rate 9%
$2,070,611
$2.1M
Market Conditions
NOI Build-Up for 15,400 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
$365.9K $23.76/SF
− Vacancy
−$27.1K −$1.76/SF
EGI
$338.8K $22.00/SF
− OpEx
−$152.5K −$9.90/SF
NOI
$186.4K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$3,727,100
Cap Rate 7%
$2,662,214
Cap Rate 9%
$2,070,611
Alternative Uses
Best Use
Apartment 5plus
$2.66M
$2.33M – $3.11M
NOI $186,355 @ 7.0% cap · market cap 5.65%
Second Best
Mixed Use
$2.61M
$2.29M – $3.05M
NOI $182,952 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $291,156 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Explore this area
Business Placement
Demographics for 98466, WA
29,769
Population
12,773
Households
2.3
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
6.2 sq mi
ZIP Area
4,801
Density / Sq Mi
$94,598
Median Household Income
$53,823
Median Earnings
$1,724
Median Rent
$564,400
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?
Mixed-use property - Corner-lot property combines residential units with ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 7902 27TH University Place, WA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 19‑unit configuration with 10 apartments and 9 commercial suites; Approximately 15,400 SF building on a 27,600 SF lot; Five one‑bedroom units averaging 700 SF and five two‑bedroom units averaging 900 SF
